Samsung Electronics reported a likely 96% plunge in second-quarter operating profit on Friday, largely in line with forecasts, as an ongoing chip glut drives large losses in the tech giant’s key business despite a supply cut.
The world’s largest memory chip and smartphone maker estimated its operating profit fell to 600 billion won ($459 million) in April to June, from 14.1 trillion won a year earlier in a short preliminary earnings statement.
It would be Samsung’s lowest profit for any quarter since a 590 billion won profit in the first quarter of 2009, according to company data.
The profit was largely in line with a 555 billion won Refinitiv SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate.
