Samsung Q3 profit plunges 78% on ongoing chip losses

Samsung's operating profit fell 78% year-over-year to 2.4 trillion won in Q3 2023.
The drop was driven by losses in Samsung's semiconductor unit amid a global chip glut.
Samsung's Q3 profit beat analyst estimates and showed improvement from previous quarters.
Memory chip prices are expected to recover soon, particularly for AI applications.
Samsung remains the world's top memory chip and smartphone maker despite the downturn.