Samsung posts a 23 percent profit decline due to weak demand
The tech giant expects its mobile business to perform even better in the fourth quarter as demand for smartphones and wearables increases due to year-end seasonality. And since the smartphone and wearable markets are expected to grow as a whole next year, Samsung's mobile business might continue bringing in solid profits. Another division that did well in the third quarter is the tech giant's Foundry business, which delivered record earnings thanks to solid demand from global customers.
On the same day that it released its third quarter earnings, Samsung has also formally named Jay Y. Lee as its executive chairman. It's mostly a symbolic move, seeing as Lee is the company's de-facto leader anyway. But asnotes, the title could help make things smoother for Lee as he closes deals with other companies around the world in an effort to expand Samsung's semiconductor and biotechnology businesses.
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