- The company expects third-quarter revenue of about 67 trillion South Korean won ($50.02 billion) and operating profit of about 2.4 trillion won.
- In comparison, sales a year ago were 76.78 trillion won and operating profit was 10.85 trillion won.
- Shares in Samsung rose over 3%, leading Kospi to become the top gainer in Asia.
People walk past an advertisement for Samsung Galaxy S23 phones at the company’s Seocho Building in Seoul on April 7, 2023.
Jung Yeon-je | Afp | Getty Images
South Korean chip giant Samsung Electronics expects operating profit to fall 78% in the quarter ended September, according to a forecast released by the company.
The company expects third-quarter revenue of about 67 trillion South Korean won ($50.02 billion) and operating profit of about 2.4 trillion won.
In comparison, sales a year ago were 76.78 trillion won and operating profit was 10.85 trillion won.
On a quarterly basis, the third quarter forecast reflects an 11.5% increase over second quarter revenue of 60.01 trillion won and more than three times operating profit of 670 billion won.
Samsung’s operating profit forecast was slightly above analysts’ expectations. Before releasing the forecast, analysts surveyed by LSEG expected operating profit of 2.3 trillion won for the September quarter, down 78.7% from a year earlier.
Revenue was expected to reach 67.8 trillion won, down 11.6%, according to forecasts from LSEG, formerly known as Refinitiv.
Samsung is the world’s largest maker of memory chips, which are used in products ranging from laptops to servers. It is also the world’s largest smartphone player.
Shares of the chip giant rose 3.16% on Wednesday. The stock was South Korea’s Kospi’s biggest gainer, helping the index lead gains in Asia.