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 Samsung Logoby 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.

More in Semiconductors