Samsung said that its consumer electronics division fell short of expectations in the third quarter, due to a decline in the average selling price of TVs.
Announcing its Q3 results, Samsung said the division’s setback in profitability was compounded by “stronger panel price and weak demand for large screen TVs.”
TV shipments slowed down following strong sales in the first half of the year in Latin America, driven by the World Cup. However, shipments of new products were up, Samsung said.
Curved TV shipments increased by 62% quarter-over-quarter, and Ultra High Definition TV shipments were up 31% quarter-over-quarter.
“Looking ahead to the fourth quarter, Samsung will look to improve profitability by leveraging the peak holiday season to drive sales of the company’s diverse TV lineups and by strengthening region-specific promotions for premium products,” said Samsung.
“In 2015, the company anticipates further growth of the UHD TV market and strong demand for larger screen TVs, and expects growth momentum will continue to be driven by market demands in Asia and other emerging markets.
“Samsung will look to further solidify its enduring leadership in the global TV market by introducing innovative premium models, expanding regionalised lineups and by increasing the competitiveness of low-end models.”
Overall, sales in the consumer electronics division in the quarter came to KRW11.6 trillion (€8.6 billion), down from KRW12.05 trillion in the same period last year.
Overall, Samsung’s revenue for the quarter was KRW47.45 trillion, a 9% decrease quarter-on-quarter. Operating profit for the quarter was KRW 4.06 trillion, a decrease of KRW3.13 trillion quarter-on-quarter.
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