Samsung Electronics said on Friday that profits for the three months that ended June more than halved from a year earlier following continued weakness in price and demand of memory chips.
The world’s largest smartphone maker and supplier of memory chips said operating profit was at 6.5 trillion Korean won ($5.5 billion), which was slightly better than an industry estimate of 6 trillion won, but was down about 56% from a year earlier.
Memory components, which are used in mobile handsets and enterprise servers, comprise Samsung’s main profit-making business.
The results include 800 billion won (around $684m) paid to the company by Apple because the iPhone maker missed an agreed display panel sales target — though Samsung’s smartphone sales seem to have collapsed.
MacDailyNews Take: You got to take the rough with the smooth when you are a ‘fast follower’, eh, Samsung?