SEOUL (Reuters) - Samsung Electronics (KS:005930) 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 (.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.( = 1,166.4600 won)