Samsung Profit Cut in Half on Slowing Mobile, Galaxy S5 in Trouble

Samsung Electronics says its third quarter income plunged 49% to the lowest level since 2012 as its handset business slowed down.
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Samsung Electronics says its third quarter income plunged 49 percent to the lowest level since 2012 as its handset business slowed down. Samsung says its net income for the July to September quarter was 4.2 trillion won, or $4 billion. Though above expectations, it's a sharp decline from 8.2 trillion won a year earlier. Sales fell 20 percent to 47.4 trillion won while operating income shrank 60 percent to 4.1 trillion won. Samsung warned earlier this month that its handset profit declined despite a marginal shipment increase. The Galaxy S5 smartphone launched in April did not sell well because many consumers held off upgrading their phones and waited for new iPhones instead.