STORY: Samsung had a tough quarter… but just a little less tough than expected. The South Korean tech giant said Wednesday (October 11) that preliminary third-quarter profit plunged by 78%, hitting just under $1.8 billion.That was better than analysts had expected, however, and lifted sentiment on the company and the sector. Samsung shares were up around 4% by mid-morning following the news. The firm is the world’s largest maker of memory chips and smartphones. It’s taken a hit as a global economic slowdown and high interest rates crimp demand for consumer goods. That has seen prices for chips take a tumble. But analysts say there are now signs that prices are at least stabilising or, in some cases, starting to rebound. Samsung also benefited by focusing more on high-end semiconductors used for applications like artificial intelligence. It cut production of older chip designs. The company’s mobile phone business likely saw profits at around the same level as last year. The quarter saw it launch premium foldable handsets, helping to drum up demand even as the global phone market sags. Samsung will publish full details of its earnings at the end of the month.