Samsung Electronics' Q2 profit plunges 95% as chip glut persistsThe world's top maker of memory chips and smartphones said operating profit fell to 669 billion won ($527 million) for the April-June quarter.
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A Samsung showroom. Credit: Reuters Photo
Samsung Electronics reported on Thursday a 95 per cent plunge in quarterly profit, as the chip industry's downturn persisted despite output cuts due to weaker demand for products reliant on semiconductors from consumer gadgets to servers.
The world's top maker of memory chips and smartphones said operating profit fell to 669 billion won ($527 million) for the April-June quarter, from 14.1 trillion won a year earlier.
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