Samsung
Estimates 55.9% Drop in Q2 Operating Profit
Seoul,
8 Jul (ONA) — Samsung Electronics today estimated its second-quarter
operating profit plunged 55.9% from a year earlier due to sluggish chip
business and the fallout from US trade policies, missing market expectations.
The
world’s biggest maker of memory chips expected an operating profit of 4.59
trillion won ($3.4 billion) for the quarter ending in June, sharply down from
10.44 trillion won a year earlier, according to an earnings guidance released
by Samsung Electronics.
From
the previous quarter, operating profit sank 31.2% from 6.69 trillion won.
Revenue
edged down 0.1% to 74 trillion won.
Samsung
Electronics attributed the sharp on-quarter decline in profit to inventory
replenishments and the impact of the US ban on exports of advanced AI chips to
China.
—
Ends/AH
