Samsung profits plunged over 50%
The giant’s earnings dragged down by chip slump
Stocks impacted: Samsung Electronics Co. (005930)
The South Korean electronics giant posted a 56% drop in third-quarter operating income due to an industry-wide decline in demand for memory chips. By the way, it is the fourth consecutive quarter where Samsung’s operating profit fell year-on-year. However, third quarter profit fell sharply from a year earlier but improved from the previous quarter amid stronger smartphone sales and improved utilization in mobile OLED screens. In other items, overall sales were up 10% from the previous quarter, in part due to strong performance of the Galaxy Note 10. Samsung’s mobile business generated an operating profit of $2.5 billion for the quarter, a 32% year-over-year increase. As many components of the quarterly report weren’t bad, Samsung stock rose 0.40% after the release.
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