Samsung Q3 profit set to slump 80% as chip losses persist

Explore stories from Atlantic Canada.

A Local Culinary Adventure: inspired by Halifax's Seaport Market | SaltWire #cooking #cookingtipsSEOUL - Samsung Electronics' third-quarter profit is expected to drop 80% from a year earlier as the effects of an ongoing global chip glut drive losses in what is normally the South Korean tech giant's cash cow business.

Analysts said Samsung's cuts to chip production also hurt economies of scale, lifting the costs of making chips. Smartphone and personal computer makers have been refraining from buying new memory chips, opting to use up their existing inventory for months on concerns of an economic downturn.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

SaltWire Network /  🏆 45. in CA

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Samsung Q3 profit set to slump 80% as chip losses persistSamsung Electronics' third-quarter profit is expected to drop 80% from a year earlier as the effects of an ongoing global chip glut drive losses in what is...
Read more »

Exclusive-Door maker PGT rebuffs $1.9 billion offer from Koch-backed Miter-sourcesExplore stories from Atlantic Canada.
Read more »

Melissa Britez Costa a Brazilian jiu-jitsu champion at home and in HalifaxExplore stories from Atlantic Canada.
Read more »

Exxon-Pioneer tie up could squeeze US shale oil suppliers, pipelinesExplore stories from Atlantic Canada.
Read more »

Nodding to rising bond yields, Fed's Jefferson says can "proceed carefully"Explore stories from Atlantic Canada.
Read more »