Smartphone woes drag Samsung Electronics third-quarter profit to more than three-year low
Samsung Electronics Co Ltd (005930.KS) on Thursday said it would revamp its smartphone line-up to take on competitors in the rapidly growing mid-to-low range segment, after third-quarter earnings set it on course for its worst year since 2011.
The global smartphone leader’s market share declined in annual terms for the third straight quarter in July-September, lagging Apple Inc (AAPL.O) in the premium market and overtaken by rivals like Lenovo Group Ltd (0992.HK) and Xiaomi Inc at the bottom end, research firm Strategy Analytics said.
“The mid-to-low end market is growing rapidly, and we plan to respond actively in order to capitalise on that growth,” Samsung Senior Vice President Kim Hyun-joon said during a conference call with analysts.
Samsung said its third-quarter operating profit fell by an annual 60.1 percent to 4.1 trillion won ($3.9 billion), matching its guidance issued earlier this month.
Source: Reuters-Smartphone woes drag Samsung Electronics third-quarter profit to more than three-year low
