Samsung Q3 profit beats expectations, raising hopes of chip recovery

The logo of Samsung is seen on the top of a Brussels' office of the company in Diegem, Belgium September 21, 2023. REUTERS/Yves Herman/ File Photo

SEOUL (Reuters) -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.