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Samsung Reports Sharp Profit Decline

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We've had the good news that Samsung plans to add DivX support to its TVs, so inevitably we had to expect some bad news, too, to counter it. A 44 per cent downturn in this quarters net profits in addition to a 14 per cent share value drop are a bit disproportional, though, if you ask me.

According to Reuters an ongoing downturn in the memory chip market and slowing sales of consumer electronics - Samsungs primary businesses.

Samsung's executive in charge of investor relations, Chu Woo-sik, commented saying: "the market environment in the third quarter proved challenging amid rising costs and a downturn in the global economy." Adding that "We foresee the coming months to be an even more challenging period."

Chu Woo-sik also commented on Samsung's announcement this week that it is withdrawing its $5.9 billion bid to buy Sandisk. "{i}This is all about business. The situation can change...but for now we don't have a plan {to make an offer for Sandisk}."

Hard times ahead all round, folks.


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