Samsung sees Q3 profit down 31.7% amid inflation, low chip demand

SEOUL -- Samsung Electronics said Friday that its operating profit likely fell more than 30% in the third quarter, as unusually high inflation squeezed global demand for semiconductors, smartphones and home appliances.

In issuing earnings guidance, the South Korean company forecast that its operating profit declined 31.7% to 10.8 trillion won ($7.7 billion) for the three months through September from the same period last year. It estimates that its revenue, meanwhile, rose 2.7% to 76 trillion won during the same period.