Samsung reveals quarterly profit fell 56% from a year ago
Korean tech giant predicts the decline in Q4
Korean tech giant Samsung announced third quarter results, reporting that its operating profit for the three months ending in September fell 56 per cent in comparison to the same period last year.
Company's operating profit comprised $6.7 bn (£5.1bn, €6bn). It keeps falling year-on-year for the fourth consecutive quarter. However, the results are still 18 per cent up from the second quarter.
Samsung's mobile sales rose 32 per cent in operating profit, gaining $2.5 bn (£1.9bn, €2.2bn). The highest result since 2018's first quarter owes to the strong sales of the Galaxy Note 10.
Korean giant also provided a gloomy forecast on their fourth quarter. The company expects mobile earnings to decline as the sales of its flagship phones will slow down months after launch.
Samsung also expects memory chip demand to continue rising slightly quarter-on-quarter. However, in the fourth quarter the most profitable part of the company's business might also slow down amid seasonal effects, the release claims.
Meanwhile, Samsung's main rival Apple, who also unveiled quarter results, looks forward to the holiday shopping, as its new AirPods have just entered the market. The company expects $85.5 billion to $89.5 billion in sales for its fiscal first quarter that ends in December.