Samsung Electronics Q4 2023 operating profit warning

Samsung Electronics on Tuesday said it expects to post a 35% drop in operating profit in the fourth quarter of 2023, missing expectations by a wide margin as a rebound in semiconductor prices likely narrowed losses in the South Korean company’s biggest profit-driving segment.

Samsung said that for the October-December quarter, operating profit is likely to be 2.8 trillion South Korean won ($2.13 billion), down 35% from the same period a year ago where the firm reported an operating profit of 4.31 trillion won. Operating profit was 2.43 trillion won in the previous quarter.