Samsung Elec Q2 profit plunges 95% as chip glut persists By Reuters

© Reuters. FILE PHOTO: Signage is seen at Samsung 837 in Manhattan, New York City, U.S., November 23, 2021. REUTERS/Andrew Kelly/File Photo

SEOUL (Reuters) – Samsung Electronics (OTC:) reported on Thursday a 95% plunge in quarterly profit, as the chip industry’s downturn persisted despite output cuts due to weaker demand for products reliant on semiconductors from consumer gadgets to servers.

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)

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