Samsung's Q2 Profit Plunges 96% to 14-Year Low Amid Chip Glut
Samsung has forecasted a 96% decline in quarterly profit, reaching a 14-year low, due to a chip glut in the market.
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Samsung's Q1 profit drops 96% due to chip glut and tech slump.
Samsung Electronics reported a likely 96% plunge in first-quarter operating profit due to a chip glut and slowing customer purchasing sentiment amid a global economic slowdown. The company estimated its operating profit fell to 600 billion won ($455.50 million) in January-March, from 14.12 trillion won a year earlier. The profit fell short of analysts' forecasts, and revenue likely fell 19% from the same period a year earlier to 63 trillion won.