Samsung announced its earnings guide for Q3 2014. The Korean giant expects a significant drop in profits over the same period last year – about 60% to be precise.
The company expects to record profits of 4.1 trillion won (about $3.8 billion) from approximately 47 trillion won in sales. The latter are down 20% from this time last year.
Smartphone sales by Samsung are slightly up for the period. However, increased marketing costs and declining product prices hurt the company’s bottom line.
Samsung will release its full earnings report towards the end of this month.
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