The world's biggest smartphone and memory chip maker Samsung Electronics saw net profits slump by more than half in the second quarter, it said Wednesday, in the face of a weakening chip market and a trade row building 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 while demand weakens.
In mobile phones, it achieved"stronger shipments on new mass-market models but was overall weighed down by slower sales of flagship models and increased marketing expenses", it said. But in April it was embarrassingly forced to delay the release of its new Galaxy Fold phones after reviewers provided with early devices reported screen problems within days of use.
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