Samsung fourth quarter profit likely fell 34%, beating market estimates

SEOUL (Reuters) – Samsung Electronics (KS:) said on Wednesday its operating profit likely slumped 34% in the fourth quarter, beating analysts’ forecasts, dogged by a year-long downturn in the memory chip market.

Operating profit in the quarter ended Dec. 31 fell to 7.1 trillion won ($6.09 billion) for the memory chip maker and smartphone vendor, from 10.8 trillion won a year earlier. That came in ahead of the 6.5 trillion won forecast by Refinitiv SmartEstimate.

Revenue likely declined 0.5% to 59 trillion won from a year earlier.($1 = 1,166.4600 won)

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