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Samsung earnings sapped by potent Chinese rivals

After flagship smartphone fails to deliver, company banks on new foldable device

Samsung's smartphone market share in China fell to 1% in the January-March quarter.   © Reuters

SEOUL -- Samsung Electronics stumbled to a decline in second-quarter earnings as the world's largest smartphone maker struggled to mount a comeback in China, where local competitors continue to gain market share.

April-June operating profit dropped 4.9% from the previous quarter to 14.9 trillion won ($13.3 billion), while revenue fell 3% to 58.5 trillion won, Samsung said on Tuesday. The South Korean company's operating profit rose 5.7% on the year, but revenue slipped 4%.

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