Samsung Q3 disappoints: ninefold profit jump misses market expectations, stock -2.4%, U.S. chips fall premarket
What happened
Samsung reported preliminary Q3 results with a ninefold jump in operating profit, yet the print fell below market expectations, per the WSJ, sending the stock down 2.4% and dragging Asian tech lower. U.S. chip makers fell premarket as the market treated the miss as a read-through on the red-hot memory cycle. Fellow memory plays Micron, Sandisk and SK Hynix were flagged by IBD as the names to watch Thursday; Micron had jumped 4.1% Wednesday on D.A. Davidson's $3,000 price target. TSMC reports sales early Thursday, keeping the sector news flow dense.
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Start your free 14-day trialWho’s affected
- Samsung (down 2.4% in Seoul on the disappointment)
- U.S. chip makers broadly — premarket weakness per WSJ
- Micron (MU), Sandisk, SK Hynix — direct memory read-throughs
Sources