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Samsung warns that profits fell 56%, but the worst may be over



The South Korean technology giant said on Tuesday it expects an operating profit of about 7.7 trillion Korean won ($ 6.5 billion) for the quarter ending September in September, down from 17.57 trillion Koreans won ($ 14.7 billion) for the same period one year ago. But that forecast hit 7.1 trillion won as analysts expected, according to Refinitive.

It said it expects sales to fall 5% to 62 trillion won ($ 52 billion).

Samsung shares rose by about 1% in Seoul [19659002] during morning trading.

Samsung's ( SSNLF ) surplus has beaten over the past year, mainly due to a decline in memory chip business. But SK Kim, an analyst at brokerage firm Daiwa Capital Markets, said last month that he expects a surge in Samsung's demand for memory chips thanks to advances in extreme ultraviolet lithography, a major breakthrough in chip production.

Samsung will report revenue at the end of this month.

This is an evolving story …


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