Samsung profits shrink by 23%
Source: Agencies |
October 29, 2011, Saturday
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Print Edition
Print Edition
Samsung Electronics yesterday said quarterly profit slid 23 percent as weaker demand for flat panels and computer chips offset booming smartphone sales that were said to have surpassed those of Apple Inc.
Samsung, the world's biggest manufacturer of memory chips and liquid crystal displays, earned 3.44 trillion won (US$3.1 billion) in the three months ending on September 30, down from 4.46 trillion won a year earlier.
The company's display panel business suffered a quarterly loss of 90 billion won, and its revenue of 7.08 trillion won was down 13 percent from a year ago. Its semiconductor business had sales of 9.48 trillion won, a drop from a quarter earlier.
But the company said its telecommunications business hit a record in quarterly sales of 14.9 trillion won - up 37 percent from last year - with growth mainly due to strong Galaxy smartphone sales.
Jae Lee, a Daiwa Securities technology analyst, estimated that Samsung had shipped about 28 million smartphones in the third quarter, up from about 20 million in the second quarter, and had surpassed Apple's iPhone shipments.
Samsung spokesman Nam Ki-yung wouldn't comment on whether Samsung has passed Apple in smartphone sales, saying the company no longer provides its sales figures for handsets. It did say, however, that handset shipments jumped more than 20 percent from the previous quarter. The Suwon, South Korea-based company said its handset revenues were 14.42 trillion won in the third quarter, a 39 percent jump from last year.
Samsung, the world's biggest manufacturer of memory chips and liquid crystal displays, earned 3.44 trillion won (US$3.1 billion) in the three months ending on September 30, down from 4.46 trillion won a year earlier.
The company's display panel business suffered a quarterly loss of 90 billion won, and its revenue of 7.08 trillion won was down 13 percent from a year ago. Its semiconductor business had sales of 9.48 trillion won, a drop from a quarter earlier.
But the company said its telecommunications business hit a record in quarterly sales of 14.9 trillion won - up 37 percent from last year - with growth mainly due to strong Galaxy smartphone sales.
Jae Lee, a Daiwa Securities technology analyst, estimated that Samsung had shipped about 28 million smartphones in the third quarter, up from about 20 million in the second quarter, and had surpassed Apple's iPhone shipments.
Samsung spokesman Nam Ki-yung wouldn't comment on whether Samsung has passed Apple in smartphone sales, saying the company no longer provides its sales figures for handsets. It did say, however, that handset shipments jumped more than 20 percent from the previous quarter. The Suwon, South Korea-based company said its handset revenues were 14.42 trillion won in the third quarter, a 39 percent jump from last year.
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