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Samsung 2015 Q4 profit below expectation

Samsung lost more than $8bn in market value in 2015 as sales of its high-end Galaxy S6 smartphone struggled
Samsung lost more than $8bn in market value in 2015 as sales of its high-end Galaxy S6 smartphone struggled

Samsung has flagged a 15% increase in 2015 Q4 operating profit, rounding off a year in which the world's largest smartphone producer struggled with intense competition from arch-rival Apple and cut-price Chinese competitors.

In an earnings estimate, the South Korean tech giant predicted an operating profit of 6.1 trillion won (€4.69bn) for the October-December period, up from 5.4 trillion won a year earlier.

The latest figure was below the estimate of 6.64 trillion won, given by analysts surveyed by Bloomberg News.

It also marked a 7.5% drop from the previous quarter.

Samsung lost more than $8bn in market value in 2015 as sales of its high-end Galaxy S6 smartphone struggled against the latest Apple iPhone and models from Chinese makers like Huawei.

The company's shares posted a third straight annual decline last year, dropping 5.1%.

Friday's estimate, which comes ahead of audited results to be released later this month, did not provide a net income figure or breakdown of divisional earnings.