Given intense competition in the global smartphone race, Samsung Electronics reported its third quarter earnings, showing a steep decline in profits of almost 60 percent compared to a year ago. Global profits during the quarter came in at $3.9 billion, which is in line with the guidance Samsung had previously issued. Revenues fell by about 20 percent to $45 billion when compared to the same quarter last year.

Samsung's earnings from its cash cow mobile business are now at a 3-year low, though business picked up from its displays, TVs, and memory divisions. The company is cautiously optimistic headed into the fourth quarter given the holiday shopping season.

For more details about Samsung's earnings, you can see the financial presentation in PDF format.

What do you think of Samsung's performance headed into the holiday season given the onslaught of recent smartphone launches from its competitors?

Source: Samsung