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Samsung’s quarterly net profit fell 24%

According to the results of the 3rd quarter, the net profit of the South Korean electronics manufacturer Samsung Electronics Co. (KS:005930) fell 23.6% to 9.39 trillion won ($6.7 billion) from 12.29 trillion won in the same period last year. The indicator decreased due to falling demand for chips and memory cards. The company said its July-September operating profit fell to 10.85 trillion won from 215.82 trillion won.

Meanwhile, Samsung’s revenue in the past three months rose to 76.78 trillion South Korean won from 73.98 trillion won a year earlier.

In early October, the company released preliminary quarterly results, according to which it expected revenue of 76 trillion won and operating profit of about 10.8 trillion won. Analysts polled by FactSet had forecast operating income of 11.9 trillion won at the time, with revenue of 78.2 trillion won.

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The company’s semiconductor division’s revenue fell 14% to 23.02 trillion won, while operating income fell 49% to 5.12 trillion won.

The display business posted 9.39 trillion won in quarterly revenue, up 6%. The division’s operating income was 1.98 trillion won, almost unchanged from the previous year.

The IT & Mobile Communications division generated revenue of 32.21 trillion won, up 13% from the previous year. Operating income, however, fell 3.6% to 3.24 trillion won.

Revenues from the Consumer Electronics Division, which includes the TV business, were 14.75 trillion won, up 5%.

Samsung shares rise in price today in the course of trading. Over the past 12 months, the company’s capitalization has decreased by 24%.

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