Investing.com – South Korea-based index heavyweight Samsung Electronics Co Ltd (KS:) said its profit fall in the fourth quarter was smaller than expected.
Operating profit in the quarter ended Dec. 31 likely fell 34% to 7.1 trillion won ($6.09 billion) from 10.8 trillion won a year earlier, Samsung said in an earnings guidance statement. That compared with a 6.5 trillion won profit expected by analysts.
Fourth-quarter revenue fell 0.5% to 59 trillion won, the statement noted.
Samsung’s shares on the KOSPI gained 2.9% to KRW 57,400 following the announcement.
The memory chip maker and smartphone vendor is due to disclose more detailed earnings results, including its net profits and sector-by-sector business performance, later this month.
Its stocks have rallied more than 40% in the past 12 months, outpacing the broader market’s 8% gain.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.