Samsung warns its profit fell 56%, but the worst could be over

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Samsung is warning investors that its operating profit likely plunged 56% in the third quarter as the company continues to struggle with sluggish demand for memory chips

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Hong Kong . 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 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 higher than analysts' estimates of 7.1 trillion won, according to data provider Refinitiv.The company said it expects sales to fall 5% to 62 trillion won .Shares in Samsung rose about 1.7% in Seoul on Tuesday.

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That’s really bad for S Korea. Samsung’s revenue is 17% of the country’s GDP.

Not good news if SammySungy weighs such a large loss when in fact the memory chip business comprises a small fraction of the total profitability spectrum. Something stinks in South Korea and it ain't KimmyChee

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