Samsung Elec flags 35% drop in Q4 profit, missing market consensus
Samsung signage is seen in a store in Manhattan, New York City, US, Nov 22, 2021. (File photo: REUTERS/Andrew Kelly)
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SEOUL: Samsung Electronics reported a likely 35 per cent drop in fourth-quarter operating profit on Tuesday (Jan 9), as a rebound in memory chip prices likely shrank losses in the South Korean company's mainstay chips division.
The world's largest memory chip, smartphone and TV maker estimated its operating profit fell to 2.8 trillion won (US$2.13 billion) in October to December, from 4.31 trillion won a year earlier, in a short preliminary earnings statement.
The profit missed a 3.7 trillion won LSEG SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate.
Revenue likely fell 4.9 per cent from the same period a year earlier to 67 trillion won, Samsung said in the statement.
The company is due to release detailed earnings on Jan 31.