Samsung shares opened 3.3% higher versus a 1.4% rise in the wider market (.KS11), as analysts said memory chip prices likely bottomed in the third quarter, with some types starting to rebound.
The world's largest memory chip and smartphone maker estimated its operating profit fell to 2.4 trillion won ($1.79 billion) in July-September, from 10.85 trillion won a year earlier in a short preliminary earnings statement.
The profit beat a 2.1 trillion won LSEG SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate.
The company reported losses of 4.58 trillion won and 4.36 trillion in its chip business in the first and second quarter respectively, as memory chip prices plunged and its inventory values were slashed.
Samsung's said its revenue likely fell 13% from the same period a year earlier to 67 trillion won.
Persons:
Yves Herman, LSEG, Ko Yeongmin, chipmakers, Ko, Samsung's, 1,342.1900, Joyce Lee, Heekyong Yang, Jamie Freed
Organizations:
Samsung, REUTERS, Samsung Electronics, Daol Investment, Securities, Apple, Thomson
Locations:
Brussels, Diegem, Belgium, SEOUL