Samsung's profit slide slows, eases chip mkt worries

Samsung Electronics Co. reported a more modest slide in quarterly profit after staunching losses at its chip division, suggesting the global semiconductor market may have rounded a corner.

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Samsung's shares rose as much as 4.4%, their most in more than a month, with some investors saying a 78% decline in operating income was better than they'd feared. South Korea's largest company has been struggling with an industry downturn alongside smaller rivals SK Hynix Inc. and Micron Technology Inc. Mainstay customers, including makers of personal computers and smartphones, have been cutting orders to deal with weak demand for gadgets and excess inventory of chips.