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Samsung Electronics Q3 Profit Falls by 60%, Mobile Division Sees 74% Profit Decline

http://www.dailytech.com/Samsung+Electronics+Q3+Profit+Falls+by+60+Mobile+Division+Sees+74+Profit+Decline/article36807.htm

Ouch.

The official numbers are out, and they confirm Samsung’s initial guidance. Overall revenue fell by 19.7 percent, but more importantly, mobile revenue was down a substantial 34 percent. Samsung Electronics as a whole saw its Q3 operating profits fall by 60 percent to $3.8 billion. The biggest loser, however, was Samsung’s mobile division, which suffered a 74 percent profit drop from $5.7 billion to $1.65 billion. The mobile shortfalls can partially be blamed on Samsung’s slipping position in the global smartphone market. Smartphone shipments fell 8 percent YoY to 78.1 million units, and it market share fell from 33 percent to 24 percent YoY. In addition, Samsung’s new Galaxy Note 4 was released too late in the quarter to make any meaningful contributions to the company’s bottom line.