Following Apple's footsteps, Samsung revises Q4 guidance as being way below market expectations

It seems Apple is not the only smartphone giant affected by economic slowdown and increased competition. Samsung recently advised that it, too, will miss its calendar Q4 (fiscal Q1) guidance by a significant $5 billion to $9 billion.

This announcement will result in a drop in revenue and profits. While this is alarming for Samsung, it isn't as dramatic as what Apple is facing since Samsung makes profit off a wider variety of products and not just smartphones and their associated peripherals and services.

Still, the entire industry is hurting from fewer smartphone shipments, Samsung makes a lot of the displays, storage and components used by other brands so it is taking losses from various areas of its business. Hit jump for details. 

 As per the CNBC report,

The South Korean tech giant predicted operating profit for the three months ended December was approximately 10.8 trillion Korean won ($9.67 billion) — or 28.71 percent down from a year ago.

The figure missed market expectations, coming in 18.18 percent less than the 13.2 trillion won that analysts had predicted after factoring in the weakness in the semiconductor market […]

Consolidated sales for the fourth-quarter is predicted to be around 59 trillion won, lower than the 62.8 trillion won analysts predicted in a Reuters poll, and 10.57 percent down from a year ago.