Samsung Electronics expects a 96% quarterly profit plunge to 600 billion Korean won in the second quarter as weak demand for memory chips persists."We assume that there's some meaningful adjustment in inventory, in the supply, and the price can rebound the end of this year or early next year," SK Kim of Daiwa Securities Capital Markets said on CNBC's "Squawk Box Asia" on Friday.
The world's largest dynamic random-access chip maker estimates operating profit in the quarter from April to June to be 600 billion Korean won , down from 14.1 trillion Korean won in the same period last year. The second-quarter profit forecast is largely in line with analysts' expectations for 555 billion Korean won, Reuters reported, citing a Refinitiv SmartEstimate.