Samsung Electronics says third-quarter profit seen down 56%, beats expectations
  • WORLD

  • 06:06 08 October 2019

Samsung Electronics says third-quarter profit seen down 56%, beats expectations

South Korean tech giant Samsung Electronics on Tuesday reported its third-quarter operating profit likely tumbled 56%, hurt by a downturn in global memory chip prices but slightly better than analysts had anticipated, APA reports quoting Reuters.

The world’s biggest semiconductor firm by revenue has struggled since late last year as a weak global economy and slower spending from data center customers ended a two-year boom in the memory chip market where Samsung rakes in around two thirds of its entire profit.

Operating profit for the July to September quarter was likely 7.7 trillion won ($6.44 billion), Samsung said, down from a record 17.6 trillion won a year ago but above the 7.1 trillion won average analyst forecast according to Refinitiv SmartEstimate.

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