Samsung has reported its earnings for Q3 2016, in which the company has made operating profit of 5.20 trillion won ($4.5 billion), down 29.6% YoY for the quarter that ended September 30, 2016. It reported revenues of 47.82 trillion won ($41.9 billion), down 7.5% year-on-year and net profit of 4.54 trillion won (US$ 4.0 billion), down 16.8%, compared with 5.46 trillion won a year earlier.
IM sector that includes Mobile Communications and Networks Businesses posted 22.54 trillion won consolidated revenue, but it posted just 0.10 trillion won operating profit for the quarter, down 96% compared to 2.40 trillion won in the same quarter last year due to discontinuation of the Galaxy Note7.
Samsung said that smartphone shipments remained solid due to stable sales of its existing flagship devices, including the Galaxy S7 and S7 edge, and steady growth in the mid-tier Galaxy A and J series.
It said that it will strive to achieve comparable YOY earnings in the fourth quarter by continuing strong Galaxy S7 and S7 edge sales, while maintaining profitability in the mid-to-low end segment through increased shipments of new models. It expects smartphone/tablet demand to increase in Q4 under strong seasonality .
It will launch new flagship smartphones in 2017 and expand Samsung Pay rollouts and cloud-related services as well as introduce artificial intelligence related offerings.