Samsung has record smartphone profit
 

Best mobile business profit in six quarters

Strong sales of the Galaxy Note 10 smartphone helped Samsung report its best mobile business profit in six quarters in the three months ended in September.

Samsung said its mobile business posted a 32 percent rise in operating profit to $2.5 billion in the third quarter, the highest since the first quarter of 2018.

But Samsung warned that fourth-quarter mobile earnings would decline as marketing costs rise and sales of flagship models soften from their post-launch peaks.

Lee Jong-min, Samsung’s vice president of the mobile communications business, told an earnings call that mobile was on a downward trend.

“Although the mobile market will soon enter a period of strong year-end seasonality, demand is expected to keep trending down year-on-year due to persistent uncertainties in the global macro environment”, he said.

Samsung is betting on growth in the markets for 5G and foldable phones next year.

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