Samsung suffers 56% fall in operating profit

Photo: @makcjn

Samsung reported that operating profits to fall at least 50 percent in the third quarter of the year, on October 8-Tuesday.

The world’s largest smartphone producer listed $6.4 billion operating profit from July to September, which downgraded to 56.2 percent from the previous year.

Samsung recorded four consecutive quarter in which their mobile devices dropped sales in the market.

Samsung refused to give net profit and sector-by-sector business performance it discloses final earnings, which is expected this month.

On the other hand, Samsung shares draw up by one percent at morning trading in Seoul, South Korea.

Moreover, analyst viewed positive outcome as improvements in Samsung’s devices were notable and the estimate for the third quarter, April to June, increased slightly.

Furthermore, Samsung’s flagship phone, the Note 10, which can easily connect to 5G network, sold way better than its previous models.

Research director at Counterpoint Tom Kang, stated that, “The Note device is usually released in August or September and sells well until December, so I expect the demand to continue until the fourth quarter.”