Samsung Electronics posted its first drop in annual net profit in three years on Thursday and saw resurgent arch-rival Apple barge in on its pole position as the world's top smartphone maker. The South Korean firm, whose key mobile phone operations have struggled in the face of intense competition from cut-price Chinese rivals, also warned that it expected 2015's "business environment... to be as challenging as 2014." The tech giant said Thursday it recorded a net profit of 23.4 trillion won ($21.45 billion) in 2014, down 23.2 percent from a year ago and the first decline since 2011. The Samsung results contrasted sharply with the triumphant surge in the fortunes of California tech titan Apple, which reported a fourth quarter net profit of $18 billion -- the largest ever made by a public company. Samsung's fourth quarter net profit, meanwhile, was down 27 percent at 5.3 trillion won.
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