Tags: AS | SKorea | Earns | Samsung | Electronics

Samsung Predicts Profit Decline amid Weak Chip Market

Tuesday, 08 October 2019 01:38 AM EDT

SEOUL, South Korea (AP) — Samsung Electronics has predicted its operating profit for the last quarter will fall by more than 56% from a year earlier amid sluggish global demand for computer chips.

The South Korean technology giant on Tuesday estimated an operating profit of 7.7 trillion won ($6.4 billion) for the July-September quarter, which would be a 56.2% drop from the same period last year.

The company says its third quarter revenue likely rose 5.3% from last year to 62 trillion won ($52 billion).

South Korea's biggest company is suffering from the slowdown in its core industry, though analysts say the demand will likely revive as next-generation networks are rolled out.

Samsung did not provide a detailed account of its performance by division. It's finalized earnings report is due later this month.

© Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


GlobalTalk
Samsung Electronics has predicted its operating profit for the last quarter will fall by more than 56% from a year earlier amid sluggish global demand for computer chips.The South Korean technology giant on Tuesday estimated an operating profit of 7.7 trillion won ($6.4...
AS,SKorea,Earns,Samsung,Electronics
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2019-38-08
Tuesday, 08 October 2019 01:38 AM
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