Samsung third quarter net profit slumps 52pc

Seoul: The world’s largest smartphone and memory chip maker Samsung Electronics saw net profits slump by more than half in the third quarter, it said on Thursday, hit by an enduring downturn in the global chip market.
Net profits in the three months to September were 6.29 trillion won ($5.40 billion), it said in a statement — down 52 per cent year-on-year.
“Earnings from the memory business slumped significantly year-on-year as memory chip prices continued its downward trend,” the company said.
The firm is the flagship subsidiary of the giant Samsung Group, by far the largest of the family-controlled conglomerates known as “chaebols” that dominate business in the world’s 11th-largest economy.
Samsung also faces challenges from the US-China trade war and tough export restrictions imposed by Tokyo on key supplies as part of a dispute with Seoul over wartime forced labour.
The South Korean tech titan leads the global smartphone market with a 23 per cent share, trailed by Chinese competitors Huawei and Oppo, with Apple in fourth place, according to sales tracker IHS Markit. — AFP