Samsung says Q3 profit likely fell 56% on memory chip slump

Kim Ki-nam president and co-chief executive officer of Samsung Electronics Co.'s semiconductor division speaks during the company's annual general meeting at a company's office building in Seoul South Korea

Samsung says Q3 profit likely fell 56% on memory chip slump

It would also be a quarter-on-quarter recovery of 16.67% - up from 6.6 trillion won in the second quarter.

For the first nine months of this year, Samsung's revenue amounted to 170.5 trillion won (142.5 billion USA dollars), down 7.6 percent from the same period of last year.

Analysts voiced optimism for the coming months, noting that falling inventory levels for semiconductors - which account for more than half of Samsung's profit - will help stabilise chip prices after double-digit drops this year.

The preliminary revenue was set at 62 trillion won (52 billion USA dollars) in the third quarter, surpassing the market consensus of around 61 trillion won (51 billion US dollars). However, during the same period previous year, Samsung Electronics posted some of its largest ever profits and sales.

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Memory chip makers, including Samsung and local smaller rival SK Hynix, have said they expect the market to pick up later in the year.

"It looks like Samsung Electronics has bottomed out", the analyst, who asked not to be named, told the Korea Herald.

However these figures have beaten some estimates, while analysts are citing encouraging metrics for the world's largest mobile phone manufacturer.

The firm says its new Galaxy 10 smartphones are selling strongly, and it has 5G and folding handsets hitting the market.

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Samsung is all too happy to mop up any consumers now hesitant about the Chinese brand. As CNBC noted, if Samsung's forecast is correct, then this will be the third consecutive quarter where its operating profit is halved from the same period a year ago.

The mobile division is expected to have logged an operating income of over 2.5 trillion won in the third quarter of the year. Yet, the memory chip business has been its most profitable and uncertainties there have lingered because of the ongoing US-China trade war and Japanese restrictions on the export of materials essential for chip and display production.

Its home appliance business unit's operating income for the third quarter is put at some 700 billion won, according to the sources.

Samsung withholds net profit and sector-by-sector business performance until it releases its final earnings report, which is expected later this month.

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