Printer Friendly

Samsung sees 56% cut in Q2 profits.

Samsung announced on July 5 that its second quarter profits dropped as much as 56%, according to a report by CNN. The South Korean tech company predicted an operating profit of 6.6 million Korean won ($5.6 billion) for the quarter ended in June, down $12.7 billion from last year. The tech giant's profits have been pummeled during past year by a slump in its memory chip business due to dwindling demand, along with lackluster sales of its flagship phone.

Samsung is the world's top seller of smartphones, and is a major presence in electronics with its manufacture of key components for rival devices. It is currently building on its 5G network equipment market presence.

COPYRIGHT 2019 Endeavor Business Media
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2019 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:INDUSTRY REPORT
Publication:EE-Evaluation Engineering
Article Type:Financial report
Date:Aug 1, 2019
Previous Article:UK researchers develop ultrafast semiconductors.
Next Article:Dennard, DRAM inventor and scaling pioneer, to receive SIA's top honor.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters