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Samsung Electronics profit growth slows on smartphone weakness

SEOUL: South Korean tech giant Samsung Electronics Co Ltd estimated on Friday earnings grew at the slowest pace in more than a year in the second quarter, as analysts said weak smartphone sales likely offset record high chip earnings. Samsung shares fell 2 percent as the guidance gave investors insight into how badly the decline in smartphone profitability is hurting the company’s bottom line after it warned in April of an earnings slowdown amid tougher competition. The world’s biggest maker of memory chips,…