Samsung: Lower operating income ranks third as chip demand slows

Samsung: Lower operating income ranks third as chip demand slows

by Joyce Lee and Heekyong Yang

SEOUL (Reuters) – Samsung Electronics said on Friday its third-quarter operating profit was expected to fall 32%, worse than expected, as demand for electronics and semiconductors fell amid the economic slowdown.

Operating profit at the world’s largest chipmaker fell to 10.8 trillion won in the July-September period from 15.8 trillion won a year earlier.

It was the first year-on-year decline in almost three years and was below Refinitiv’s SmartEstimate consensus of 11.8 trillion won.

Releasing its preliminary quarterly results, Samsung said quarterly revenue is expected to have risen 3 percent year-on-year to 76 trillion won.

The Group’s detailed results for the third quarter are expected on October 27th.

(editorial from Paris)

Reference: www.challenges.fr

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