It's being reported this morning that Samsung Electronics earnings are expected to plunge nearly 80% in the third quarter, according to analyst forecasts, as the company’s biggest profit-driving segment — semiconductors — continues to come under pressure.

CNBC reports that "The South Korean technology giant will issue earnings guidance on Wednesday. Analysts polled by LSEG expect operating profit of 2.3 trillion Korean won ($1.7 billion) for the September quarter, a 78.7% year-on-year decline. Revenue is expected to come in at 67.8 trillion won, a fall of 11.6%, according to LSEG consensus forecasts.

Samsung is the world’s largest maker of memory chips, used in products ranging from laptops to servers. It is also the world’s biggest smartphone player.

Samsung’s semiconductor business — typically the company’s cash cow — is expected to post a more than 3 trillion won loss for the third quarter, according to analyst forecasts, as it continues to face headwinds.

Daiwa Capital Markets said in a note earlier this month that it expects Samsung earnings to miss consensus estimates “due to the higher cost burden from the memory production cut and ongoing soft demand” for its chip manufacturing unit, known as the foundry business.

In its display business, Samsung could see quarter-on-quarter growth due to the release of Apple’s iPhone 15 series; Samsung sells displays to Apple for iPhones." 

For more, read the full CNBC report.