Samsung profits were down 60 percent for the third quarter of 2014 compared with the same period last year, as the smartphone giant suffered from an increasingly competitive market.
Samsung had warned investors to be prepared for a sharp fall, and so it proved. The company posted a profit of ₩4.06trn (£2.4bn) for the quarter, compared with ₩10.16trn in the same period last year.
Profits were also down on the previous quarter, when the firm made ₩7.19trn. The profit slump was due in part to falling sales, which were ₩47.45trn for Q3 2014, compared with ₩59trn in the same period last year.
Samsung blamed increased competitiveness in the smartphone market for the slump in sales and profits, admitting that the Note 4 smartphone had not had a big impact as it was released at the end of the financial period.
"Shipments were up slightly driven by mid- to low-end products, [while] average selling prices were down due to reduced price for older models and declined shipment portion of higher-end products. [There was] marginal impact from the new Note 4, which was released around the end of Q3," the firm said.
Samsung also said that it expects this competition to continue to the end of the year as the Christmas holiday buying season approaches.
"[We] expect demand for smartphones and tablets to increase under year-end seasonality while competition among handset makers will intensify," it added.
Samsung's fall in profits is in stark contrast to rival Apple, which posted profits of $8.5bn for its most recent financial quarter as the firm continues to dominate the smartphone market.
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