Samsung’s net profit fell nearly 40 percent in the third quarter.

The net profit of South Korean electronics manufacturer Samsung Electronics in the last quarter decreased by 37.8% compared to the same period last year and amounted to 5.84 trillion won (about $4.3 billion), the company said.

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The company’s revenue for the reporting period decreased by 12.2% to 67.4 trillion won ($49.9 billion). Operating profit amounted to 2.43 trillion won ($1.8 billion), down 4.5 times year on year.

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The company previously forecast third-quarter revenue at 67 trillion won ($49.6 billion) and operating profit at 2.4 trillion ($1.77 billion).

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Samsung predicts a recovery in demand in the smartphone market next year as consumer sentiment stabilizes, and the premium segment is also expected to continue.

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Samsung Electronics shares are down 0.3% on the Seoul Stock Exchange.

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Samsung Electronics is an international manufacturer of electronics: semiconductors, telecommunications equipment, memory chips, liquid crystal displays, mobile phones and monitors. The company’s headquarters is located in Seoul.