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Samsung Quarterly Operating Profits Plunge As US Curbs Chip Exports To China
South Korean tech giant Samsung Electronics' operating profit dropped by more than 50 percent year-on-year in the second quarter, its regulatory filing showed Thursday, as US curbs on AI chip exports to China hit sales.
The world’s largest maker of memory chips and smartphones posted lower quarterly net profit, but expects earnings to regain momentum in the second half of this year.
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Contrary to Samsung's optimistic outlook, second-quarter net profit declined 48% from a year earlier to 5.116 trillion won, equivalent to $3.67 billion. That missed the 5.740 trillion won consensus ...
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