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

Mon Oct 6, 2014 7:41pm EDT
 
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SEOUL (Reuters) - Samsung Electronics Co Ltd (005930.KS: Quote) 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)

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