© Reuters.

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.

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2020-01-07