Samsung Elec Q2 profit plunges 95% as chip glut persists

This post was originally published on this site

The world’s top maker of memory chips and smartphones said operating profit fell to 669 billion won ($527 million) for the April-June quarter, from 14.1 trillion won a year earlier.

That was broadly in line with the company’s estimate of 600 billion won this month, and was the second-lowest quarterly profit in 14 years.

Revenue fell 22% to 60 trillion won.

($1 = 1,269.2200 won)