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Samsung Mobile Posts Historic 96% Profit Decrease in Q3

samsung-is-still-making-a-lot-of-phones

It’s that time of the year when tech companies are announcing their quarterly earnings results. Samsung has also posted its numbers and we all know the results aren’t really encouraging.

Due to the Galaxy Note7 fiasco, Samsung announced yesterday its mobile division reported an operating profit of approximately $87.8 million, which translates to a 96% decrease compared to the same time last year.

The unprecedented move to kill of the Galaxy Note7 phablet, cost Samsung quite a lot. It’s the lowest figure the company has posted in the past eight years.

But Samsung isn’t giving up hope and is already working on the future Galaxy S8, a phone it hope will help it redeem itself in front of its customers.

The company said that putting the Galaxy Note7 aside, smartphone shipments have remained quite strong. The Galaxy S7 and Galaxy S7 edge and models from the Galaxy A and J series are still in high-demand.

While Samsung’s mobile division might not be fearing out so well, other Samsung subsidiaries are helping the tech giant keep afloat.

The company’s overall profit for Q3 stands at approximately $4.5 billion. Still it’s a decrease from the figure posted in Q3 2015.

Samsung has a lot to do, before it can put the Note7 debacle behind, but the company is committed to taking those steps. For the time being, the phone maker is conducting an investigation that will hopefully reveal the cause of the Note7 fires.

[Samsung]