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Samsung's Steep Q3 Profit Decline [Qatar News Agency](Qatar News Agency Via Acquire Media NewsEdge) Seoul, October 30 (QNA) - Samsung's third-quarter results were just as bad as the company warned, as tougher competition caused profits to tumble 74 percent year-over-year in its mobile business. Overall, the South Korean electronics giant on Wednesday reported a 60 percent drop in company-wide operating profit -- its fourth consecutive decline and its lowest since the second quarter of 2011. The company also recorded a 20 percent decline in revenue for the September quarter. Samsung earlier this month warned its third-quarter operating profit would tumble as much as 62 percent and its sales would fall as much as 22 percent. The company blamed higher marketing costs and competition for its problems. Profits in Samsung's IT & mobile communications divisions dropped for the second period in a row in part due to a lower average selling price for smartphones. Customers sought out lower priced older models and bought a higher percentage of mid-range smartphones. (QNA) (c) 2014 Qatar News Agency . All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info). |