Samsung Electronics' third-quarter profit is expected to drop by 80% from a year earlier.
Samsung Electronics workers stand with wafers at its chip contract manufacturing facilities in Hwaseong, South Koreathird-quarter profit is expected to drop by 80% from a year earlier as the effects of an ongoing global chip glut drive losses in what is normally the Korean tech giant’s cash-cow business.
Operating profit likely fell to ₩2.1-trillion won in the July-September quarter, according to a LSEG SmartEstimate from 19 analysts, weighted towards those who are more consistently accurate.It compares to an operating profit of ₩10.8-trillion in the September quarter last year. Analysts said Samsung’s cuts to chip production also hurt economies of scale, lifting the costs of making chips.
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