Samsung Posts 23% Decline in Profits

Samsung has reported a dip of 23% in its profit following decrease in demands of flat panels as well as computer chips despite an increase in shipments of smartphones.

Samsung reported that the profits for the quarter ending September 30 it had earned 3.44 trillion won ($3.1 billion) as compared to 4.46 trillion won ($4 billion) last year during the same period reveals San Francisco Chronicle. Company's display panel business registered total revenue of 7.08 trillion won ($6.4 billion) with a loss of 90 billion won ($81.5 million) and its semiconductor business registered sales of 9.48 trillion won ($8.6 billion).

Telecom segment of the Korean electronics giant registered a massive 37% increase year-on-year and the sales stood at 14.9 trillion won ($13.4 billion) mainly because of the Galaxy range of smartphones.

Analysts believe the Samsung has surpassed Apple in terms of smartphone shipments but, Samsung's spokesman Nam Ki-yung didn't provide any comments on this matter as Samsung doesn't provide sales figures for its handsets. Samsung did mention that the handset shipments jumped more than 20% from last quarter and global smartphone sales were up 300% compared to previous year.