Samsung sees profit drop as mobile market gets saturated

Samsung Electronics flagged a near 60% on-year plunge in its third quarter operating profit, as its key smartphone sector continued to struggle in the face of increased competition. Operating profit for the July-September period was estimated at $3.8 billion, down 59.6% from the third quarter last year. The company warned that uncertainty in the mobile sector would carry through into the fourth quarter, although it promised a new line-up of top-end smartphones featuring “new materials and innovative designs.” The mobile market, which has been the key driver of Samsung profits in recent years, has become increasingly saturated, while competition has intensified from cheaper Chinese handset makers such as Huawei and Lenovo.

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