Samsung is warning investors that its operating profit likely plunged 56 percent in the third quarter as the company continues to struggle with sluggish demand for memory chips. But analysts are predicting a turnaround for the company in the next year.
The South Korean technology giant said Tuesday that it expects to make an operating profit of roughly 7.7 trillion Korean won for the quarter that ended in September, down from 17.57 trillion Korean won for the same period a year ago. But that forecast beat the 7.1 trillion won that analysts expected, according to Refinitiv.Shares in Samsung rose about 1 percent in Seoul during morning trading.
Samsung's profits have taken a beating over the past year, largely because of a slump in its memory chip business. But SK Kim, an analyst at the brokerage firm Daiwa Capital Markets, said last month that he expects a boost in Samsung's memory chip demand thanks to its advances in extreme ultraviolet lithography, a key breakthrough in chip manufacturing.
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