Samsung Electronics says third quarter profit fell 56%

Samsung Electronics said Thursday its operating profit for the last quarter fell by nearly 56%, with its robust sales of smartphones, displays and TVs offset by a continuously weak market for computer chips.

The South Korean technology giant reported an operating profit of 7.78 trillion won ($6.7 billion) for the July-September quarter, which represented a 55.7% drop from the same period last year. Samsung says third-quarter revenue fell 5.3% to 62 trillion won ($53.4 billion).

Samsung is the world’s biggest maker of semiconductors and smartphones, but it has struggled with falling prices for DRAM and NAND memory chips since late last year.