Samsung’s Q3 profit nosedives, stock soars

%name Samsung’s Q3 profit nosedives, stock soars by Authcom, Nova Scotia\s Internet and Computing Solutions Provider in Kentville, Annapolis Valley

Investors sent Samsung shares soaring more than 4.5% on Thursday as the company reported dismal third-quarter earnings… that were thankfully less dismal than analysts were expecting. In a world where the high end of the smartphone market is being squeezed by more capable mid-range and low-end phones, Samsung’s response has been to flood the market with cheaper low-margin phones. How did that work out? In the third quarter, Samsung’s operating profit plunged 60% on year to $3.9 billion and its revenue slid 20% to about $44.6 billion.

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