Samsung profit shock

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Shares in mobile phone giant Samsung fell overnight after it issued disappointing profit guidance.

The Korean firm estimated that it earned 9.5 trillion won (£5.5 billion) in the months of May and June, falling short of analysts forecasts.

Shares in the company, which usually beats consensus forecasts, dipped more than 3 per cent amid concerns that sales of its popular Galaxy smartphones are waning.

The company’s margins are also under pressure from cheaper manufacturers offering increasingly sophisticated phones.