Robust Galaxy Note 10 sales helped Samsung's mobile division boost profits
The company is expecting 5G to be the momentum driver next year.
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.
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