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Samsung Expected To Report 80% Profit Plunge As Losses Mount At Chip Business -...

 11 months ago
source link: https://slashdot.org/story/23/10/10/2130205/samsung-expected-to-report-80-profit-plunge-as-losses-mount-at-chip-business
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Samsung Expected To Report 80% Profit Plunge As Losses Mount At Chip Business

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According to analyst forecasts, Samsung Electronics is expected to report a nearly 80% plunge in earnings in the third quarter. CNBC reports: The South Korean technology giant will issue earnings guidance on Wednesday. Analysts polled by LSEG expect operating profit of 2.3 trillion Korean won ($1.7 billion) for the September quarter, a 78.7% year-on-year decline. Revenue is expected to come in at 67.8 trillion won, a fall of 11.6%, according to LSEG consensus forecasts.

Samsung's semiconductor business -- typically the company's cash cow -- is expected to post a more than 3 trillion won loss for the third quarter, according to analyst forecasts, as it continues to face headwinds. Memory chip prices have fallen dramatically this year due to a glut caused by oversupply and low demand for end products like smartphones and laptops. This has hit Samsung's profits hard. In its last earnings reports in July, the company predicted a pick-up in demand for chips in the second half of the year, although this does not appear to be playing out as fast as many had hoped.

The tech giant has cut production in a bid to help shore up prices, though the effect is not likely to be seen in the third-quarter results. Daiwa Capital Markets said in a note earlier this month that it expects Samsung earnings to miss consensus estimates "due to the higher cost burden from the memory production cut and ongoing soft demand" for its chip manufacturing unit, known as the foundry business. Daiwa analyst SK Kim sees operating profit for the third quarter at 1.65 trillion won, much lower than the average analyst estimate of 2.3 trillion won.

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