Samsung Q3 profit beats expectations, raising hopes of chip recovery

Samsung Electronics on Wednesday said its preliminary third-quarter profit dropped by a smaller-than-expected 78%, as the battered memory chip market shows early signs of recovering from a severe downturn.

Samsung shares opened 3.3% higher versus a 1.4% rise in the wider market, as analysts said memory chip prices likely bottomed in the third quarter, with some types starting to rebound.