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

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

SEOUL (Reuters) - Samsung Electronics <005930.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 (4.6 billion pounds) 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.

(Reporting by Hyunjoo Jin and Heekyong Yang; Editing by Chris Reese)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

Updated Date: Jan 08, 2020 07:05:23 IST