SEOUL -- Samsung Electronics' operating profit likely fell 77.9% in the third quarter from the same period last year due to overhang from a long slump in memory chip prices, according to earnings guidance. But analysts say that the South Korean tech company's performance may rebound in the fourth quarter as industry players, including market leader Samsung, are making big production cuts.
Samsung said it expects operating profit to have reached 2.4 trillion won ($1.8 billion) for the three months through September in earnings guidance announced on Wednesday. The company's revenue probably dropped 12.7% to 67 trillion won in the quarter year on year, it said.
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