Samsung profits down on Note 7 mess

Samsung has released its financial results for the quarter ended 30 September 2016, with the company’s revenue and profit declining due to the Galaxy Note 7 discontinuation.

Samsung’s revenue for the quarter was KRW 47.82 trillion, a decrease of KRW 3.87 trillion year-on-year, while operating profit for the quarter was KRW 5.20 trillion, a decrease of KRW 2.19 trillion year-on-year.

For the components businesses, operating profit increased due to expanded sales of high-end products, such as SSDs and flexible OLED panels.

For the IT & Mobile Communications Division, earnings declined due to the Galaxy Note 7 discontinuation.

However, the Consumer Electronics Division achieved solid earnings growth year-on-year, driven by strong sales of SUHD TVs and premium home appliances.

Looking to the fourth quarter, the company expects earnings to improve – driven by strong performance in the components business.

The mobile business expects a recovery in its earnings to a similar level of that in the fourth quarter of 2015, led by sales of the Galaxy S7 and S7 Edge.

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Samsung profits down on Note 7 mess