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Samsung Reports 56% Drop In Q3 Profit

Samsung Reports 56% Drop In Q3 Profit

Samsung Electronics Co., Ltd. reported its profits of the third quarter that ended on Sept. 30 to be $6.7 billion.

The reported profit is nearly 56% lower than the profits it grossed in the third-quarter of 2018. The company posted $53.2 billion in consolidated revenue, 5% less than the same quarter last year.

The South Korean conglomerate’s numbers slightly exceeded the expectations it had set in its preliminary earnings guidance earlier this month.

This is the fourth consecutive quarter Samsung is posting year-on-year losses. Its second-quarter profit was similarly 56% less than the second quarter of 2018.

Mobile Business Still Afloat

The conglomerate’s IT and Mobile Communications wing posted $2.5 billion in operating profit and $25.1 billion in consolidated revenue in the quarter.

Samsung credited the sales of its flagship Galaxy Note 10 to be at the helm in leading this 32% rise in operating profit compared to last year.

The company said that profits from the business are likely to go down in the fourth quarter, as it expects demand for its Galaxy Note 10 to slump.

Instead, Samsung believes it will be able to capture increasing consumer demand for 5G devices ahead of the competitors.

“For the Network business in the fourth quarter and the coming year, the Company will remain an active player in expanding South Korea’s 5G coverage and foster growth in other global markets like the United States and Japan,” it said.

Price Action

Samsung’s stocks traded at 0.60% gain at the Korea Stock Exchange (KRX) at closing time on Thursday.


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Posted-In: SamsungEarnings News Global Tech Media Best of Benzinga

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