Samsung posted its Q3 2016 results, and as the company forecast last week, the discontinuation of the Note 7 had a noticeable impact on its bottom line.
Overall revenue was down 7.5% to $42.01 billion (47.82 trillion Won), a decrease of $3.4 billion (3.87 trillion Won) from the same period last year. Operating profit was down by 30% to $4.56 billion (5.20 trillion Won), its lowest in two years.
The mobile division took the biggest hit, posting a profit of just $87.8 million (100 billion Won), a decline of 96% from Q2 2016. Overall revenue for the division was at $19.80 billion (22.54 trillion Won).
Looking forward to the next quarter, Samsung is looking to stabilize sales by focusing on the Galaxy S7 and S7 edge in the high-end segment, the Galaxy A series in the mid-tier category, and the Galaxy J series in the budget segment.
As for next year, Samsung is looking for a turnaround with new flagships, which will include the Galaxy S8 and the Note 8. The South Korean manufacturer will also focus on cloud-related services, and will make Samsung Pay available in more markets. Finally, we'll see the introduction of "artificial intelligence related offerings."
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