Samsung's Q3 Profits are Not Good

By Chris Mills on at

Samsung's issued a warning that its Q3 profits are kinda crummy — actually, they're down 60 per cent on the same quarter last year, which is downright crap.

Samsung's blaming a lower average selling price for devices for the fall in profits, reflecting that the continuing success of iPhones, coupled with the glut of good, cheap Android devices, is squeezing Samsung's high-end Galaxy range for all it's worth. The full extent of the damage will be clear later this month, when Samsung releases firm numbers for the quarter. [Reuters]