Samsung Electronics chip profit shrinks 40% from the previous quarter
Summary
Samsung Electronics on Thursday reported third-quarter sales and operating profit slightly above its own expectations, but its chip business posted a sharply lower profit from the previous quarter. The semiconductor unit reported third-quarter operating profit of 3.86 trillion won (about $2.8 billion), down 40% from the previous quarter. Samsung is the top manufacturer of memory chips used in devices like laptops and servers, and it ranks as the second-largest player in the smartphone market worldwide. The Korean tech giant said the rebound in mobile and PC demand will be delayed, though interest in more advanced products will continue to grow, driven by AI investments. Samsung Vice Chairman Jun Young-hyun, the new head of the companys device solutions division, issued a rare apology after the guidance release.