Jul 31, 2019

Samsung profits tumble as it warns of 'challenges' ahead

Samsung Electronics saw profits plunge in the second quarter as its key chip business faltered, and the firm also warned of "Challenges" ahead. The world's biggest smartphone and memory chip maker said operating profit fell 56% from a year earlier. The South Korean firm posted operating profit of 6.6 trillion Korean won for the three months to June, a 56% drop from the 14.87 trillion Korean won posted in the same period a year earlier. In a statement, Samsung said weakness and price falls in the memory chip market continued "Despite a limited recovery in demand". Samsung had to delay the launch of its new foldable smartphone earlier this year following reports of broken screens. Last week, Samsung said the Galaxy Fold will go on sale in September after improvements were made to the smartphone.

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