Samsung Electronics Q2 net halves on weak chip prices, mobile slump

By Yonhap

Published : July 31, 2019 - 09:18

Samsung Electronics Co. said Wednesday its net profit tumbled 53.1 percent in the second quarter from a year earlier due to weak memory chip prices and a slump in the mobile business.

The net profit for the world's largest chip and smartphone maker came to 5.18 trillion won ($4.4 billion) in the April-June period, compared with 11 trillion won a year earlier, the company said in a regulatory briefing.

(Yonhap)

Its operating profit plunged 55.6 percent on-year to 6.59 trillion won, and sales slipped 4 percent to 56.1 trillion won in the three-month period, the firm said.

The operating income for the second quarter was above market expectations of 6.07 trillion won, based on the survey conducted by Yonhap Infomax, the financial arm of Yonhap News Agency on 23 Korean brokerage houses. The sales estimate stood at 54 trillion won on average. (Yonhap)