SEOUL, South Korea — Samsung Electronics said Tuesday it expected operating profits to drop more than 50 percent in the third quarter amid a continued slump in the global chip market. It marks the fourth consecutive quarter in which the South Korean tech company has recorded a profit drop in the face of falling semiconductor prices and weakened demand for its mobile devices. Sales for the third quarter were expected to reach around 62 trillion won, down 5.3 percent from the same period last year. Samsung withholds net profit and sector-by-sector business performance until it releases its final earnings report, which is expected later this month. 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.

Source: Philippine Star October 08, 2019 02:03 UTC