Samsung Reports 26% Growth In Q3 Operating Profit, But Warns Of Slower Smartphone Sales

TechCrunch

Samsung reported that its Q3 operating profit surged 26% to 10.2 trillion won (about $9.6 billion), but continued to warn that its smartphone sales will slow thanks to increased competition. Its earnings growth was driven mainly by Samsung’s chip business profit, which doubled to 2.06 trillion won, the highest in three years, thanks to stronger chip prices this year after a fire last month at one of competitor SK Hynix’s Chinese plants created a shortage in a key component. Demand for chips was driven by mobile devices, servers and the release of new game consoles.

Samsung’s mobile division reported a record 6.7 trillion won, thanks to growing shipment volumes of its inexpensive smartphone models, which balanced slowing sales of high-end handsets like the Galaxy S4 and Note 3. The company warned that demand for its smartphones will slowdown during the upcoming holiday season, due to competition from other devices (such…

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