Business Standard

Samsung Electronics Q3 net profit slumps 52% amid downturn in chip market

Net profits in the three months to June were $5.40 billion, it said in a statement -- down 52 per cent year-on-year

Samsung Galaxy Note 10 Plus

Samsung Galaxy Note 10 Plus

AFP | PTI Seoul
Samsung Electronics, the world's largest smartphone and memory chip maker, saw net profits slump by more than half in the third quarter, it said Thursday, amid a continued downturn in the global chip market.
Net profits in the three months to June were $5.40 billion, it said in a statement -- down 52 per cent year-on-year.
"Earnings from the Memory Business slumped significantly year-on-year as memory chip prices continued its downward trend," it said in a statement.
The firm is the flagship subsidiary of the giant Samsung Group, by far the largest of the family-controlled conglomerates known as "chaebols" that dominate business in the world's 11th-largest economy.
But in recent months it has been battered by falling memory chip prices as global supply increases.
Samsung is also battling challenges from the US-China trade war and touch export restrictions imposed by Tokyo on key supplies amid a dispute with Seoul over wartime forced labour.
Last week a retrial began for its vice chairman Lee Jae-yong over a sprawling corruption scandal that could see him return to prison.

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First Published: Oct 31 2019 | 5:45 AM IST

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