Samsung Electronics estimates that 3Q profit plunged 60 percent as Galaxy phone sales slow
Samsung Electronics Co. says its quarterly operating profit is estimated to have fallen 60 percent from a year earlier as Galaxy handsets sales slow.
Samsung estimated Tuesday that the median forecast of its July-September operating income at 4.1 trillion won ($3.8 billion), lower than the median of analysts' estimate of 5.2 trillion won according to FactSet, a financial data provider. That is a 60 percent plunge from record-high 10.2 trillion won a year earlier.
The Korean company's earnings preview highlights the rapid decline of its mobile business as its top-end Galaxy smartphones see lower sales and marketing costs undermine profits.
Samsung estimated sales for the July-September period at 47 trillion won. Analysts expected 50.4 trillion won.
Full financial results including net income are scheduled to be released later this month.