Pinkypills/iStock/Thinkstock(NEW YORK) — Samsung is promising to climb out of the financial doldrums after being rocked by a crisis over the fiery Note7 smartphone.
In financial filings made public on Wednesday, the company revealed that its third quarter (ending Sept. 30) profit was down 30 percent year-on-year, “due to the Galaxy Note7 discontinuation,” as well as the strength of the South Korean currency relative to other currencies.
The company made about $4.57 billion USD in profit this quarter. That was down from about $6.49 billion during the same period last year.
The company vowed to make a comeback.
“Regarding the mobile business, the company will focus on expanding sales of new flagship products with differentiated design and innovative features, as well as regaining consumers’ confidence,” the company said in a statement released on Wednesday night.
The company dispelled concerns that concerns over the safety of the Note7 may have negatively affected sales of other (safe) models, saying that non-Note7 sales remained solid.
“The Mobile business saw its earnings decrease significantly [quarter over quarter] due to the effects of the discontinuation of the Galaxy Note7,” it said. “However, smartphone shipments remained solid due to continued stable sales of its existing flagship devices, including the Galaxy S7 and S7 edge, and steady growth in the mid-tier Galaxy A and J series.”
Among other strategies, the company said it would focus on achieving “solid” earnings growth in 2017 through “through normalization of the mobile business.”
“The mobile business expects a recovery in its earnings to a similar level with that of the fourth quarter of 2015, led by solid sales of the Galaxy S7 and S7 edge,” the company said.
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