Samsung (KRX:005930) has released its financial report for its Q3 FY16 period for the three months ending September 30th 2016.
It posted sales of $41.9 billion for the quarter, down $3.39 billion year-on-year. It also saw profits fall to $.55 billion, down $1.91 billion year-on-year.
Predictably, its mobile sales were hit worst. Profits for the segment were just $87.8 million, a drop of 96% year-on-year.
The big issue
Samsung blamed this drop in sales on the Galaxy Note 7. Reports of the phone exploding, even after a huge recall and new phones being issued, eventually forced Samsung to permanently halt all production of the phone.
Looking ahead, Samsung will be focusing on its S7 and S7 Edge models to help increase its sales. However, a lot of work lies ahead to restore consumers' faith in its mobile brand, particularly its Galaxy Note line.
It expects that its mobile division will see demand increase "under strong seasonality" and will launch new mid-range devices to expand its sales.