Beleaguered Samsung Electronics posts 56% plunge in June-quarter profit

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Samsung Electronics warned on Wednesday that Japanese curbs on the export of chip-making materials was blurring its outlook and said it would delay a plan to return money to shareholders due to “significant new challenges.”

The South Korean tech giant also posted a 56% plunge in June-quarter profit as an oversupply of memory chips continued to weigh down prices.

Like other global tech companies, Samsung has been hurt by a long-running trade war between the United States and China, and an escalating spat between Japan and South Korea is likely to pressure third-quarter results… [Samsung] said its mobile business remained weak… The mobile business booked 1.6 trillion won in quarterly profit, down 42% from a year ago, weighed by slower sales of flagship models and increased marketing expenses.

MacDailyNews Take: Hey, Karma, you finally woke up, huh? Better late than never!

2 Comments

  1. Strange how the Radio/TV News reports pretty much ignore this dramatic turn of events while the moment someone has a sniffle at Apple its presented as a potential end game for the company. always been thus just surprised its still the case, old habits die hard it seems. Oh well maybe it will filter through later in the day though I won’t be holding my breath, I suspect if the North targeted those short range missiles on Samsung Headquarters I suspect all the news would be on how such an event will effect Apples share price.

  2. BWAHAHAHA! Couldn’t happen to a more incendiary mobile phone device & appliances maker company with released-far-too-soon fold-cracks phony phone disease.

    We don’t often get tech justice so this is heartening and satisfying.

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