October 30, 2019 / 11:53 PM / 19 days ago

Samsung Elec Q3 profit dives 56% as further chip prices declines weigh

SEOUL, Oct 31 (Reuters) - Samsung Electronics Co Ltd reported a 56% fall in third-quarter operating profit on Thursday, reeling from chip price declines in the face of a prolonged industry downturn.

The world’s top maker of memory chips and smartphones said operating profit was 7.8 trillion won ($6.70 billion), slightly above the 7.7 trillion won estimate the company released earlier.

Samsung’s profit has slumped on-year for four consecutive quarters and it is expected to fall again in the current quarter, analysts say.

Earlier this month its cross-town rival, SK Hynix , said 5G-enabled smartphones should help lift the global memory market out of the doldrums next year. ($1 = 1,163.6000 won) (Reporting by Ju-min Park and Heekyong Yang; Editing by Stephen Coates)

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