Samsung Electronics expects third-quarter profit to drop 78% as chip losses widen

Samsung Electronics announced on October 11 that operating profit in the third quarter is expected to drop by 78%. The decline was due to the ongoing impact of a global chip supply glut that has left the South Korean tech giant's cash cow business in the red.

In a brief preliminary earnings statement, the memory chip and smartphone maker forecast operating profit from July to September to fall to 2.4 trillion won from 10.85 trillion won a year ago (Note from this site: The current approx. 12.96 billion yuan).

Previous predictions by some analysts were consistent with this. Smartphone and PC makers have been avoiding buying new memory chips due to recession fears, opting instead to use up existing inventories within months. Analysts said that their inventory is currently low enough and demand is expected to rebound early next year

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