Samsung Electronics flags 56pc fall

Seoul: Samsung Electronics said on Tuesday it expected operating profits to drop more than 50 percent in the third quarter as it struggles with a long-running slump in the global chip market.

Operating profit for July to September was forecast to reach 7.7 trillion won ($6.4 billion), down 56.2 percent from a year earlier, the world´s largest maker of smartphones and memory chips said in a statement.

It marks the fourth consecutive quarter in which the South Korean tech company has recorded a profit drop in the face of falling semiconductor prices and weakened demand for its mobile devices.