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Samsung’s profits suffer a plunge of 56% in the third quarter

Samsung’s profits suffer a plunge of 56% in the third quarter
The Siliconreview
31 October, 2019

Mobile manufacturing leviathan company, Samsung, suffered a loss in sales of 56% in the third financial quarter compared to that of last year’s. They also released a statement saying that they expect their sales to pick up in light of the new innovative technology that they are coming up with. They had released their Galaxy Note 10 earlier this year while also improving on their flagship A series. Samsung’s sales in the USA had picked up after the country blacklisted Huawei. Their sales in Europe have captured the market with their offering being 40%.

"Third quarter profit fell sharply from a year earlier but improved from the previous quarter, as stronger smartphone sales and improved utilization in mobile OLED screens were weighed down by continued weakness in the memory chip market," was Samsung’s stance in a recent statement.

"Samsung has been quick to capitalize on Huawei's [US] problems, working behind the scenes to position itself as a stable alternative in conversations with important retailers and operators," was the observation of Canalys analyst Ben Stanton.

Samsung is a South Korean company that has been founded in 1938. Over the years they have provided the world with many innovative smartphones and other electronics. It is the largest business conglomerate of South Korea.