Samsung Electronics. today announced its financial results for 3rd quarter. Samsung 3rd Quarter Report-Decrease in Revenue Due to Galaxy Note 7. As we all know that Samsung has suffered alot due to battery problem of Note 7. The explosive problem of Note 7 takes the 3rd quarter revenue to its lowest level in nearly eight years.
Samsung 3rd Quarter Report-Decrease in Revenue Due to Galaxy Note 7
According to Samsung, revenue for the quarter is $42.01 billion USD with a decrease of $4.57 billion USD as compared to last year. Moreover, the operating profit for the quarter is KRW 5.20 trillion leads to a decrease of KRW 2.19 trillion.
“We know we must work hard to earn back your trust and we are committed to doing just that,”
said Co-Chief Executive J.K. Shin
Samsung also said in a statement to improve its mobile business revenue:
Regarding the mobile business, the company will focus on expanding sales of new flagship products with differentiated design and innovative features, as well as regaining consumers’ confidence. Samsung will concentrate on strengthening its competitiveness by continuously enhancing solution capabilities such as KNOX, Samsung Pay and cloud-related and artificial intelligence-related services
In the last three quarter reports comparison, Samsung was leading the market by beating Apple. But Now Samsung suffered a huge decrease in revenue. The credit of this loss is gone to Galaxy Note 7 Explosive battery problem. To maintain its market position and revenue generation, Samsung announced different compensation plans.
For More Information Please Read: Samsung Offers 50% discount on S8/Note 8 for Note 7 Customers