SEOUL, Oct. 8 (Yonhap) -- Samsung Electronics Co. said Tuesday its operating earnings plunged 56 percent in the third quarter from a year earlier, mainly hit by continuing falls in global chip prices, but its performance was better than the market had expected.
The operating profit was estimated at 7.7 trillion won (US$6.4 billion) in the July-September period, according to its earnings guidance.
The figures were above market expectations of 6.99 trillion won, according to the report by Seoul-based financial market tracker FnGuide.
The South Korean tech giant expected its overall sales to have fallen 5.3 percent on-year to 62 trillion won in the three-month period. The sales estimate stood at 60.6 trillion won on average.
The company logged a quarterly high record during the third quarter of last year.
It marks the fourth consecutive quarter that the world's largest semiconductor and smartphone maker has reported an on-year drop in operating profit.
Also, Samsung has been grappling with the semiconductor industry's downturn amid slowing demand for smartphones and other electronic gadgets since late last year.