SEOUL - Samsung Electronics warned of a smaller mobile business profit on Thursday as its rival Apple gave a positive iPhone sales outlook, dampening hopes new models will help the world’s largest smartphone vendor finally get back on a growth track.
The mobile business posted a 32% rise in operating profit to 2.9 trillion won in the third quarter, the highest since the first quarter of 2018. “The new smartphone effect will likely fizzle out in the fourth quarter, as people don’t find Samsung’s new Note model, which came out several months ago, very attractive anymore,” said Song Myung-sup, an analyst at HI Investment & Securities.Lee Jong-min, Samsung’s vice president of mobile communications business, told an earnings call that mobile was on a downward trend.
Samsung’s smartphone shipments rose by 8% in the third quarter to 78.2 million phones, outgrowing Apple whose iPhone sales dropped by 3%, according to Strategy Analytics. The semiconductor business - by far Samsung’s main source of income - reported operating profit of 3.1 trillion won, less than a quarter of its take in the same period last year amid oversupply and falling global demand for electronics.
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