Samsung is preparing for a 60% drop in profits for Q3 2014

Samsung profits are going to drop heavily this quarter, with the company anticipating a massive 60% drop for Q3 2014.

| Oct 7, 2014 at 11:38 pm CDT

Samsung is anticipating a massive drop in its profits for Q3 2014, with the company forecasting an operating profit of $3.8 billion for Q3 2014, which represents a massive 59.7% decline compared to the same three-month period from 2013. Total sales for the quarter are expected to be at around $43.9 billion, which is a 20% drop from the same quarter of 2013.

Samsung is preparing for a 60% drop in profits for Q3 2014 | TweakTown.com

Analysts had expected much better results from the company, which just launched its Galaxy Note 4, and has had an extremely good run with its Galaxy S5 smartphone. But, these declines are going to represent the biggest the company has experienced in five years. Analysts were expecting the South Korean electronics giant to have operating profits drop by 42% to $5.52 billion, while sales were pegged at dropping 14% to $47.6 billion.

Right now, according to Sanford Bernstein analyst Mark Newman, Samsung's only strong spot on its upcoming earnings report is its memory department.

Last updated: Jun 16, 2020 at 04:29 pm CDT

NEWS SOURCE:techspot.com

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