Samsung Posts Drop In Q3 Profit

Samsung Electronics Co

posted a 49% drop in its third-quarter net profit. Samsung's quarterly net profit declined 49% to 4.2 trillion won ($4 billion), versus a 20% fall in the previous quarter. Samsung's operating profit dipped 60% to 4.1 trillion won. Profit for the mobile unit declined 74% y/y to 1.75 trillion won, while operating profit for the chip business rose to 2.3 trillion won, versus 2.1 trillion won last year. Total revenue dropped 20% to 47.4 trillion won in the quarter. Analysts project that the company has shipped 78 million to 81 million smartphones in the quarter. The company's share in the global smartphone market shrank to 24.7% in the quarter, versus 35% in the year-ago period, according to Strategy Analytics.