Samsung Electronics says Q3 net profit slumps 52%

Samsung Electronics says Q3 net profit slumps 52%

Samsung Electronics says Q3 net profit slumps 52%

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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 USD 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.

Ranjini Trinitymirror

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