Samsung Elec flags 78% drop in Q3 profit as chip losses extend
© Reuters. The logo of Samsung is seen on the top of a Brussels' office of the company in Diegem, Belgium September 21, 2023. REUTERS/Yves Herman/ File Photo) reported a likely 78% drop in third-quarter operating profit on Wednesday, as the effects of an ongoing global chip glut drive losses in what is normally the South Korean tech giant's cash cow business.
The world's largest memory chip and smartphone maker estimated its operating profit fell to 2.4 trillion won in July-September, from 10.85 trillion won a year earlier in a short preliminary earnings statement. The profit beat a 2.1 trillion won LSEG SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate.
Revenue likely fell 13% from the same period a year earlier to 67 trillion won, Samsung said in the statement.We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: Include punctuation and upper and lower cases.
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