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

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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