Samsung Electronics says Q4 profit slumped by a third

FILE PHOTO: FILE PICTURE: Workers set up a Samsung display in preparation for the 2020 CES trade show in Las Vegas, Jan. 5, 2020. REUTERS/Steve Marcus/File Photo

SEOUL: Samsung Electronics Co said on Thursday its fourth-quarter operating profit slid by a third as the South Korean conglomerate soaked up a downturn in the memory chip market, but forecast a gradual recovery in chip prices this year.

The world's biggest memory chip and smartphone maker reported operating profit of 7.16 trillion won ($6.13 billion), down 34% and in line with its own previous estimate. Net profit fell 38% to 5.2 trillion won, with revenue easing 1% to 59.9 trillion won - also meeting estimates.