Samsung Electronics' operating profit plunges 60% in 3rd quarter

By Park Sae-jin Posted : October 30, 2014, 16:44 Updated : October 30, 2014, 16:58

 

Samsung Electronics said Thursday that its operating profit plunged by 60 percent to 4.06 trillion won in the third quarter from the same period last year.

The figure marks a 43.5 percent decrease from the previous quarter.

In a regulatory filing, the company said its sales also fell by 19.7 percent to 47.45 trillion won on-year in the July-September period. It marks a 9.4 percent drop from a month earlier.
 
Operating profit of the company's IT/mobile division reached 1.75 trillion won, a nosedive from an operating profit of 4.42 trillion won recorded in the second quarter and 6.43 trillion won in the first quarter. 

Officials of the division attributed the sharp decrease to a rise in the proportion of low-priced smartphones among handsets sold, and a cut in handset prices. 
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