Samsung Electronics second-quarter profit down 56per cent as chip troubles persist

📆 7/31/2019 4:20 AM
📰 ChannelNewsAsia

⏱ Reading Time:
25 sec. here
2 min. at publisher
📊 Quality Score:
News: 13%
Publisher: 66%

Technology Technology Headlines News

Technology Technology Latest News,Technology Technology Headlines

Samsung Electronics Co Ltd posted a 56per cent drop in second-quarter operating profit on Wednesday, hit by continuing declines in memory chip ...

SEOUL: Samsung Electronics Co Ltd posted a 56per cent drop in second-quarter operating profit on Wednesday, hit by continuing declines in memory chip prices amid oversupply.

Operating profit was 6.6 trillion won in the second quarter, in line with the 6.5 trillion won estimate the company released earlier this month.The notoriously cyclical memory chip industry is in the midst of a downturn after a two-year boom, as slowing demand for gadgets such as smartphones pulls down chip prices.

Last week, Samsung's South Korean chip rival SK Hynix said it would cut investment and production to shore up a nascent recovery in chip demand.

Write Comment

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Technology Technology Latest News, Technology Technology Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Samsung Elec second quarter profit down 56per cent as chip troubles persistSamsung Electronics Co Ltd posted a 56per cent drop in second-quarter operating profit on Wednesday, hit by continuing declines in memory chip ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Samsung Elec looks to chip recovery as second quarter profit falls 56per centSamsung Electronics Co Ltd posted a 56per cent drop in second-quarter operating profit on Wednesday, hit by continuing declines in memory chip ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »