SEOUL : Samsung Electronics' third-quarter profit is expected to drop 80 per cent from a year earlier 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 biggest maker of memory chips, smartphones and televisions will
FILE PHOTO: A view shows Samsung Electronics' chip production plant at Pyeongtaek, South Korea, in this handout picture obtained by Reuters on September 7, 2022. Samsung Electronics/Handout via REUTERS /File Photo
Operating profit likely fell to 2.1 trillion won in the July-September quarter, according to a LSEG SmartEstimate from 19 analysts, weighted toward those who are more consistently accurate.The reversal is because its chip division, traditionally its biggest earner, likely reported quarterly losses of between 3 trillion and 4 trillion won after rock-bottom memory chip prices did not recover as fast as some had predicted.
Rival Micron Technology forecast a quarterly loss last month, triggering concerns of a sluggish recovery in the memory chip maker's end markets such as data centres. Samsung received its first order in a year for server memory chips from a North American data centre firm recently, KB Securities said in a note late last month, raising hopes that data centre clients will also start buying chips again.
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