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!