Samsung is prepping for its first annual earnings drop since 2011, based on a third-quarter profit marking the company's lowest in more than three years.
One of the world's top smartphone sellers, Samsung on Tuesday announced
that operating profit likely fell 59.7 percent in the third quarter to 4.1 trillion won ($3.8 billion). Though less of a blow, quarterly sales are also expected to have dropped 20 percent, landing around 47 trillion won ($43.7 billion) for the quarter ending Sept. 30.
The numbers were released ahead of the company's full earnings report later this month.
When Samsung stumbled last quarter
—dropping net profits by 20 percent and revenues by 8.9 percent—the company blamed increased competition and an overestimation of the demand for its smartphones.