Samsung expected to report 80% profit plunge as losses mount at chip business
Publishing timestamp: 2023-10-10 09:34:51
Summary
Samsung Electronics is expected to experience a significant decline in earnings, with analysts forecasting an 80% plunge in the third quarter. The semiconductor business, which is typically Samsung's cash cow, is expected to report a loss of more than 3 trillion won ($2.2 billion). This decline is attributed to falling memory chip prices caused by oversupply and low demand for products like smartphones and laptops. Despite potential bright spots such as growth in the display business and improving margins in the smartphone unit, investors are looking for signs of stabilization in Samsung's core chip division. Analysts expect a smaller decline in operating profit for the fourth quarter.
Sentiment: NEGATIVE
Keywords: internet, nvidia corp, apple inc, investment strategy, smartphones, technology, business news, earnings, semiconductor device manufacturing,
Source: https://www.cnbc.com/2023/10/10/samsung-earnings-preview-q3-2023-chip-losses-weigh-on-profit.html