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Samsung has released its earnings guidance for the 2014 third quarter, revealing operating profit is expected to plunge by up to 61.8 per cent.Samsung expects to post operating profit within the range of 3.9-4.3 trillion won (around $4.18-4.61 billion), down from 10.2 trillion won year-on-year.
The figures represent a significant decline from the expectations of 42 analysts surveyed by Thomson Reuters I/B/E/S, the mean forecast of which tipped Samsung’s third-quarter operating profit to slip 45% year-on-year.
Meanwhile, Samsung expects to post consolidated sales in the range of 46-48 trillion won, down from 59.1 trillion won year-on-year.
The figures come as Samsung faces intense competition in the smartphone market, with Apple challenging at the premium end of the market and a host of Android vendors gaining ground in the budget-to-mid price range.
Bloomberg reported Samsung as stating it is preparing new smartphone line-ups featuring “new materials and innovative designs”, with Samsung further advising it is also developing new mid-to-low-end devices to help it compete.
“The market thinks this is the worst profit they can expect from its mobile business, it won’t go any lower from here as more product line-ups are expected throughout this year into next year,” Bloomberg reported Claire Kim, a Seoul-based analyst at Daishin Securities, as stating.
“Samsung is better positioned than any other players out there to bring out new phones with upgraded hardware features.”
Samsung’s flagship Galaxy Note 4 phablet, unveiled at the beginning of September, is being rolled out in global markets, starting in October.
