Samsung Electronics reports 31.7% decline in Q3 operating profit on year

A customer browses products at Samsung Electronics' retail store in Gangnam District, southern Seoul. [YONHAP]

Samsung Electronics expects to report a 31.7 percent on-year decline in operating profit for the third quarter, impacted by the shrinking demand for electronic devices and chips.

In an earnings guidance announcement Friday, the electronics company said it expects to report 10.8 trillion won ($7.66 billion) in operating profit during the July-September period, missing FnGuide's market consensus of 11.9 trillion won.

This is the lowest figure since the first quarter of 2021.

The sales figure is forecast to come to 76 trillion won, up 2.7 percent on year, but short of the market expectation of 78.3 trillion won.

BY PARK EUN-JEE [park.eunjee@joongang.co.kr]