SEOUL: Samsung Electronics said on today it expected operating profits to drop more than 50% in the third quarter as it struggles with a long-running slump in the global chip market.
Sales for the third quarter were expected to reach around 62 trillion won, down 5.3% from the same period last year. The firm rolled out its flagship Note 10 devices that connect to superfast 5G network in August that analysts say have sold far better than its previous models to give Samsung a much-needed boost.
The premium smartphone market has grown fiercely competitive and overall sales have cooled as a lack of major innovation has caused people to wait longer before upgrading to new models. Increased demand for Samsung’s OLED display panels used in handsets by competitors – including Apple’s new iPhone 11 – is also expected to help improve the company’s quarterly profit.
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