ReignCom, the Korean company which brings us the iRiver line of MP3 players, has announced disappointing results for the 3rd quarter. This is on the heels of Creative announcing that their results were also off, leading industry insiders to speculate that Apple is getting too big and too dominant in the sector for the other companies to compete.
The number of units sold actually went up 4.2% over the second quarter to 967,100 units, but decreasing prices led to a 10.5% decrease in revenue. Flash based units make up 74.5% of the total sales. The delayed release of the anticipated U10 is partially blamed for the poor results. On the quarter, net profit plummeted by 26.4%, though operating profits were up by $16.4%.
With the third quarter disappointing and Apple attacking on many fronts with iPod products, the outlook for the fourth quarter is also disappointing for the company.