Smartphone woes drag Samsung Electronics third-quarter profit to more than three-year low

Samsung Electronics Co Ltd saw its July-September quarterly profit fall to the lowest level in more than three years, as a decline in earnings from its smartphone business set the South Korean giant on track for its worst year since 2011. The global smartphone leader has lost market share in annual terms for the past two quarters, lagging behind Apple Inc (AAPL.O) in the premium market and overtaken by rivals like Lenovo Group Ltd and Xiaomi Inc at the bottom end. Samsung on Thursday said its third-quarter operating profit fell by an annual 60.1 percent to 4.1 trillion won ($3.90 billion), matching its guidance issued earlier this month and marking the weakest result since the second quarter of 2011. Looking ahead to the fourth quarter, Samsung said it "cautiously expects an earnings increase, driven by strong seasonal demand for TVs and continued growth momentum for the memory business".

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