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Samsung's chip and smartphone segments face falling profits

Declines in memory chip prices weigh on company's earnings

Samsung's smartphone unit reported falling profit as competition with rivals Apple and Huawei has intensified.   © Reuters

SEOUL -- Falling prices for memory chips sent South Korean electronics giant Samsung Electronics' profits tumbling, financial results for the company's individual business segments show.

Overall operating profit for the January-March quarter plunged to 6.23 trillion won ($5.35 billion), a 60% drop from the previous year, the company announced on Tuesday. Profit at its chip-making segment fell 64% to 4.12 trillion won.

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