Samsung Q3 profit beats expectations, raising hopes of chip recovery

FILE PHOTO: A worker waters a flower bed next to the logo of Samsung Electronics during a media tour at Samsung Electronics' headquarters in Suwon, South Korea, June 13, 2023. REUTERS/Kim Hong-Ji/File Photo

SEOUL: Samsung Electronics on Wednesday said its preliminary third-quarter profit dropped by a smaller-than-expected 78%, as the battered memory chip market shows early signs of recovering from a severe downturn.

Samsung shares opened 3.3% higher versus a 1.4% rise in the wider market, as analysts said memory chip prices likely bottomed in the third quarter, with some types starting to rebound.