Samsung Warns Its Profit Fell 56%

StockMarketNews.Today — The South Korean technology giant said Tuesday that it expects to make an operating profit of roughly 7.7 trillion Korean won ($6.5 billion) for the quarter that ended in September, down from 17.57 trillion Korean won ($14.7 billion) for the same period a year ago. But that forecast beat the 7.1 trillion won that analysts expected, according to Refinitiv.

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It said it expects sales to fall 5% to 62 trillion won ($52 billion). Shares in Samsung rose about 1% in Seoul during morning trading.

Samsung’s profits have taken a beating over the past year, largely because of a slump in its memory chip business. But SK Kim, an analyst at the brokerage firm Daiwa Capital Markets, said last month that he expects a boost in Samsung’s memory chip demand thanks to its advances in extreme ultraviolet lithography, a key breakthrough in chip manufacturing.

Samsung will report earnings at the end of this month.


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