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By APD writer Alice
The world's largest smartphone and memory chip maker Samsung Electronics announced that its net profits in the third quarter of this year reached 6.29 trillion won ($5.40 billion), down 52% year-on-year, amid a continued downturn in the global chip market.
In recent months, the firm, the flagship subsidiary of the giant Samsung Group, has been battered by falling cheap prices as global supply increases.
"Earnings from the Memory Business slumped significantly year-on-year as memory chip prices continued its downward trend," the company said.
Samsung is also facing challenges from the US-China trade war and touch export restrictions imposed by Japan.
As a result, its operating profits plunged 55.7% to 7.8 trillion won in the third quarter, while sales fell 5.3% to 62 trillion won.
However, the South Korean tech titan said it still saw an increase in phone profits, which had been boosted by strong sales of the Galaxy Note 10 and its A-series devices.
Samsung Electronics has sold over 1 million Galaxy Note 10s in South Korea, making it the fastest Samsung smartphone to reach the milestone.
Sales of the Note 10, released only in 5G model in the domestic market on August 23, surpassed the milestone 25 days after its launch.
Note 10 is Samsung's premium large-screen smartphone that comes with a stylus S-Pen, whose price tag is at 1.2 million won (1,025 USD) for a 6.3-inch display and 1.5 million won for a souped-up 6.8-inch screen.
Samsung leads the global smartphone market with a 23 percent share, trailed by Huawei and Oppo of China and Apple of the US.
(ASIA PACIFIC DAILY)
