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Samsung Reports Steep Drop in Q3 Results

South Korean electronics giant Samsung reported a nearly 50 percent drop in third-quarter profit, as its smartphone business lost ground in an intensely competitive global market. The company reported a net profit of $4 billion for the quarter ending in September. Revenue fell to $45 billion, off 20 percent from the same time a year ago. The company had warned investors that its earnings would fall short of expectations.

This article originally appeared on Recode.net.