Samsung Electronics says profit fall likely milder than forecasts as chip prices bottom out

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SEOUL (Reuters) – Samsung Electronics Co Ltd (005930.KS) on Wednesday said quarterly operating profit likely fell at a milder pace than analysts forecast, indicating memory chip prices bottomed out and strengthening hope of recovery from an industry downturn.

FILE PHOTO: Samsung Electronic’s Galaxy A90 is seen on display at a Samsung store in Seoul, South Korea, November 14, 2019. REUTERS/Kim Hong-Ji

The announcement sent Samsung’s share price up 2.2% in morning trade, bucking the wider market’s .KS11 0.8% fall, with cross-town chip rival SK Hynix Inc (000660.KS) also up over 5%.

Samsung,…



Source reuters.com

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