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Companies

Samsung profit halves on memory chip woes

Smartphone sales increase amid US sanctions on Huawei

Robust sales of the Galaxy Note 10 have helped offset Samsung's poor memory chip sales.   © Reuters

SEOUL -- Samsung Electronics' operating profit tumbled 56% in the third quarter as its key memory chip business continues to suffer from low global demand, although it shows signs of recovery in the next quarter.

South Korea's largest company said its operating profit reached 7.7 trillion won ($6.4 billion) in the July-to-September period, down 56.2% from a year ago in its preliminary earnings guidance. The tech giant's revenue dropped 5.3% to 62 trillion won during the same period. The full numbers will be released later this month.

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