By Jonathan Davies

Samaung has reported its lowest quarterly operating profit for three years as a result of slowing smartphone sales.

The South Korean electronics manufacturer posted profits of 4.1tn won ($3.8bn; £2.5bn) in the three months to September, a massive 60% fall.

Samsung, the world's largest smartphone manufacturer, has lost around 20% of its share price this year.

And it's the smartphone market which is damaging Samsung's profits. With growing competition from similar, but cheaper, smartphones from Chinese manufacturers like Xiaomi and Lenovo, Samsung has struggled to maintain its dominance over its main rivals like Apple, which has recently launched the iPhone 6 and iPhone 6 Plus.

"Although the company anticipates a demand growth for the recently launched Galaxy Note 4 and new middle-end smartphone models, uncertainty remains," the firm said in a statement.

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