Samsung Electronics says third quarter profit fell 56%
Publish- October 31, 2019, 09:46 AM
AP/UNB - AP/UNB
Samsung Electronics says it operating profit for the last quarter fell by nearly 56%, with its robust smartphone and TV sales offset by a continuously weak market for computer chips.
The South Korean technology giant on Thursday reported an operating profit of 7.78 trillion won ($6.7 billion) for the July-September quarter, which represented a 55.7% drop from the same period last year.
Samsung says third-quarter revenue fell 5.3% to 62 trillion won ($53.4 billion).
Samsung is the world's biggest maker of semiconductors and smartphones, but it has struggled with falling prices for DRAM and NAND memory chips since late last year.