Samsung Electronics estimates that 3Q profit plunged 60 percent as Galaxy phone sales slow

Industries Associated Press

Samsung Electronics Co. says its quarterly operating profit is estimated to have fallen 60 percent from a year earlier as Galaxy handsets sales slow.

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Samsung estimated Tuesday that the median forecast of its July-September operating income at 4.1 trillion won ($3.8 billion), lower than the median of analysts' estimate of 5.2 trillion won according to FactSet, a financial data provider. That is a 60 percent plunge from record-high 10.2 trillion won a year earlier.

The Korean company's earnings preview highlights the rapid decline of its mobile business as its top-end Galaxy smartphones see lower sales and marketing costs undermine profits.

Samsung estimated sales for the July-September period at 47 trillion won. Analysts expected 50.4 trillion won.

Full financial results including net income are scheduled to be released later this month.