Samsung is the latest company to issue its Q3 financial report and the results show a 56% decrease in year over year operating profits. During the July-September period, the company racked in just KRW 7.78 trillion ($6.58 billion) in profits down from KRW 17.57 trillion ($15.04 billion) last year. The sizeable drop is caused due to the slumping semiconductor market and weak demand for memory chips.
On the flip side, smartphone profits fared better with solid sales of the Galaxy Note10 and A series helping push the mobile division to KRW 2.92 trillion ($2.5 billion) profit, which is 32% higer than the numbers from Q3 2018. Samsung’s mobile OLED display business also fared better than the prior year.
Looking into 2020, Samsung expects a turnaround in the semiconductor market alongside increased demand for 5G devices globally. Other points of focus include foldable phones and accelerated production for the company’s the 5 and 7nm EUV chipsets.