What you need to know
- Samsung posted 62 trillion won ($53 billion) in revenue and 7.78 trillion won ($6.7 billion) in operating profit during the third quarter of 2019.
- While the company's third quarter profit declined sharply compared to last, its mobile division registered an increase in profits thanks to the strong sales of the Galaxy Note 10 series.
- In Q4 2019, Samsung expects smartphone demand to decline due to seasonal effects and global economic uncertainties.
Samsung continues to be hit the by the slump in the chip market. The company posted 7.78 trillion won ($6.7 billion) in operating profit for the third quarter, down from 17.57 trillion won ($15 billion) during the same period last year. Consolidated revenue during the quarter was down to 62 trillion won ($53 billion) from 65.46 trillion won ($56.1 billion) last year.
Samsung's IT & Mobile Communications arm posted 29.25 trillion won ($25 billion) and 2.92 trillion won ($2.5 billion) in operating profit in the third quarter. The mobile earnings witnessed an increase compared to the previous quarter thanks to robust sales of the Galaxy Note 10 series, improved product mix, as well as higher margins in the mass-market segment.
Samsung says the sales performance of the Note 10 exceeded the Galaxy Note 9's in the third quarter. In the fourth quarter, however, Samsung expects demand for smartphones to decline slightly, mainly due to seasonal effects and global economic uncertainties.
The company is, however, hopeful that demand for 5G phones will rise next year, although it admits the competition is "likely to remain fierce." To push growth in 2020, the company is planning to launch a more extensive lineup of 5G as well as foldable phones.
We may earn a commission for purchases using our links. Learn more.
Samsung's foldable Galaxy Z Flip fully revealed in high-quality renders
Samsung's second folding phone — the Galaxy Z Flip — has been showcased in a bunch of new renders. We now have a clear vision of what the gadget looks like, and what features it'll bring to the table.
Everything you need to know about the upcoming Moto G8 family
Motorola's budget smartphone offerings for 2020 are shaping up to be quite impressive. Here's everything you need to know about the already-released Moto G8 Plus and G8 Play, along with what we know so far about the upcoming G8 and G8 Power.
Off-Facebook Activity rolling out to all users in the coming months
Facebook has announced that its new "Off-Facebook Activity" feature is now rolling out to all users.
Protect your Galaxy A50 with one of these cases
The Samsung Galaxy A50 is one of the best mid-range smartphones available in the U.S. Keep in protected and safe with one of these top cases.