Samsung says Q3 profit fell 56% from a year ago

Samsung Electronics on Thursday said its operating profit for the three months ending in September fell 56% versus the same period a year ago. But the number ticked up almost 18% from the previous quarter.

The number beat guidance the company provided earlier this month. It hinted at a slow recovery in the semiconductor space, where chipmakers have struggled due to low prices and demand for memory chips.

Here's what the company reported versus what it had reported a year ago:

  • Operating profit: 7.78 trillion Korean won ($6.7 billion) vs. 17.57 trillion won a year ago
  • Consolidated sales: 62 trillion Korean won vs. 65.46 trillion won a year ago

Memory components used in smartphones and data centers make up Samsung's main profit-making business.

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