Samsung profit slumps more than half | The Daily Star
12:00 AM, August 01, 2019 / LAST MODIFIED: 12:12 AM, August 01, 2019

Samsung profit slumps more than half

The world’s biggest smartphone and memory chip maker Samsung Electronics on Wednesday reported second-quarter net profits slumping by more than half in the face of a weakening chip market, and as a trade row builds between Seoul and Tokyo.

The flagship subsidiary of the sprawling Samsung Group has enjoyed record profits in recent years despite a series of setbacks but is now struggling with chip prices falling as global supply increases.

Net profits in the three months to June were 5.18 trillion won ($4.38 billion), Samsung Electronics said in a statement, down 53 percent year-on-year.

“The weakness and price declines in the memory chip market persisted... despite a limited recovery in demand,” it said.

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