Samsung and LG Both Announce Their Q3 2016 Financial Reports
Yesterday we saw HTC publishing their financial report for the third quarter of the year, and today we see that both LG and Samsung have done the same. All three companies were not able to put their best foot forward this year for different reasons, but some were able to come out better than others. LG wasn’t able to sell as many units of the LG G5 as they had hoped, and Samsung had to deal with the Galaxy Note 7 debacle. So let’s take a look at how these two companies fared this past quarter.
For Samsung, the company’s overall revenue dropped by 3.87 trillion won to 47.82 trillion won when compared to the same quarter last year. As far as operating profits though, they were able to bring in 5.20 trillion won, which again is down by 2.19 trillion won compared to the 7.39 trillion they brought in last year at this time. When we specifically look at the company’s mobile division, we can see that profits dropped a whole 96% when compared to the third quarter of last year as they were only able to bring in 100 billion won thanks to the Galaxy Note 7 being discontinued.
As far as overall revenue is concerned, LG was able to bring in $11.8 billion from the sales of their entire company. This resulted in LG being able to bring in $252.7 million in profit, but this is partially due to the company’s Home Appliance & Air Solution business. LG’s mobile division accounted for $2.3 billion of the company’s revenue stream, which is down 23% compared to the same quarter last year. LG’s mobile division actually had an operating loss of $389.4 million during the quarter, even though they were able to ship 13.5 million units.
It’s safe to say that a number of smartphone companies haven’t had the best 3rd quarter in 2016, but at least Samsung can say they were able to bring in some profit while others were unable to do so.Source: Samsung Newsroom Source: LG Newsroom