Samsung loses $44B of value in worst streak since 1983

Shares of Samsung Electronics Co. Ltd. dropped 8.1 percent – roughly $12 billion – in August, extending the company’s five-month losing streak to its longest since December 1983.

The world’s biggest smartphone vendor has lost $44 billion in market value since the slide started in April. The decline in market capitalization is nearly equal the value of General Motors Co., according to Bloomberg Business.

Seoul, South Korea-based Samsung profits have fallen for five straight quarters, with third-quarter net income estimated at $4.5 billion, down roughly $200 million from $4.7 billion in June.

Samsung’s global smartphone market share dipped 3 percent in the second quarter. The company no longer holds the top sales spot in China – the world’s largest mobile phone market – where it faces increased competition from Apple Inc., Xiaomi Corp., Lenovo Group Ltd. and Huawei Technologies Co.

Read more from Bloomberg Business.