October 6, 2014 / 11:44 PM / 3 years ago

Samsung Electronics says third quarter profit likely down 60 percent on year

Visitors walk past the Samsung stand at the Mobile World Congress in Barcelona February 24, 2014. REUTERS/Gustau Nacarino

SEOUL (Reuters) - Samsung Electronics Co Ltd (005930.KS) on Tuesday said operating profit likely fell 59.7 percent in the July-September period to 4.1 trillion won ($3.8 billion) as earnings from its market-leading smartphone division likely continued to shrink.

The guidance, released ahead of final third-quarter figures due around end-October, was lower than a 5.6 trillion won mean estimate of 43 analysts polled by Thomson Reuters I/B/E/S.

It would mark the company’s fourth consecutive quarter of declining operating profit.

Samsung also said third-quarter sales likely fell 20.5 percent to 47 trillion won, compared with a mean forecast for 50.9 trillion won by the Thomson Reuter I/B/E/S survey.

Reporting by Se Young Lee; Editing by Stephen Coates

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