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| Samsung profits tumble on Apple's iPhone 6 launch | Samsung profits tumble on Apple's iPhone 6 launch |
| (about 2 hours later) | |
| The launch of the iPhone 6 and cheaper phones from China took a heavy toll on Samsung’s profits from its Galaxy phones, the smartphone giant revealed today. | The launch of the iPhone 6 and cheaper phones from China took a heavy toll on Samsung’s profits from its Galaxy phones, the smartphone giant revealed today. |
| Samsung said that it expects third quarter profits to have fallen by 60 per cent to around 4.1 trillion won, which is well above analysts’ forecasts of 5.6 trillion won. | Samsung said that it expects third quarter profits to have fallen by 60 per cent to around 4.1 trillion won, which is well above analysts’ forecasts of 5.6 trillion won. |
| That would be the lowest quarterly profit for more than three years. Phones account for some 70 per cent of its sales. | That would be the lowest quarterly profit for more than three years. Phones account for some 70 per cent of its sales. |
| “Smartphone shipments increased marginally amid intense competition,” Samsung said. “But the operating margin declined due to increased marketing expenditure and lowered average selling price.” | “Smartphone shipments increased marginally amid intense competition,” Samsung said. “But the operating margin declined due to increased marketing expenditure and lowered average selling price.” |
| But the company revealed it is “preparing new smartphone line-ups featuring new materials and innovative designs, and a series of new mid-to-low end smartphones.” | But the company revealed it is “preparing new smartphone line-ups featuring new materials and innovative designs, and a series of new mid-to-low end smartphones.” |
| Although Apple did not launch the iPhone 6 until mid-September, analysts said that Galaxy sales were hit in anticipation of its release. | Although Apple did not launch the iPhone 6 until mid-September, analysts said that Galaxy sales were hit in anticipation of its release. |