Samsung has posted its financial results for the third quarter of 2016, and, as expected, the brand?s profits are way down, thanks to the unfortunate Galaxy Note7 ( first impressions) recall. The company?s mobile division has announced an operating profit of KRW 0.10 trillion (around $87.8 million) for Q3 2016, which is down by 96 percent from the same period last year. The company had to recall the Galaxy Note7 flagship due to a faulty battery, and also had to permanently discontinue it, which has taken a huge toll on its profits.
Samsung?s overall operating profit for Q3 this year, which ended September 30th, stood at KRW 5.20 trillion (approx. $4.5 billion), down KRW 2.19 trillion (around $1.9 billion) from the figure it reported in the third quarter last year. The company?s mobile division has posted the lowest profit in the past eight years. The overall profits are the lowest for the brand in the past two years. The Galaxy Note7 explosion fiasco may have taken a huge toll on Samsung?s profits, but its existing line up appears to be continuing to do well. The company has announced that its smartphone shipments remained solid due to continued stable sales of its existing flagships, including the Galaxy S7 and S7 edge, and steady growth in the mid-tier Galaxy A and J series.
The Korean tech giant is expecting the upcoming holiday season and the popularity of the Galaxy S7 and S7 edge to help it achieve better year-on-year earnings. For next year, the brand is betting on the upcoming Galaxy S8 flagship, which is expected to be unveiled on February 26th, with the release scheduled for sometime in March.
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Samsung has posted its financial results for the third quarter of 2016, and, as