Samsung Profit Plunge Seen Prompting New Businesses
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Samsung Electronics Co. may accelerate a push into wearable devices and home appliances that communicate wirelessly after its quarterly profit plunged 60 percent because of stagnating smartphone sales.
Operating profit fell to 4.1 trillion won ($3.8 billion) in the three months ended September from a record 10.2 trillion won a year earlier, the Suwon, South Korea-based company said in a regulatory filing. Sales fell about 20 percent as the biggest smartphone maker ceded share in China and India to local rivals.