Samsung Electronics Co Ltd forecast a steep plunge in its second-qua...
) forecast a steep plunge in its second-quarter operating profit as the U.S.-China trade war wreaks havoc in global chip and smartphone markets, although one-off gains helped it beat analyst expectations.
The South Korean tech giant is on track to post year-on-year profit declines for a third consecutive quarter as chip prices fell due to a supply glut and U.S. sanctions on Chinese telecom equipment maker Huawei Technologies, a key Samsung client. South Korea’s tech majors are also bearing the brunt of Japanese curbs on exports to South Korea of materials used in memory chips and smartphones, the latest flashpoint in a quarrel over Japan’s use of forced wartime labor.
April-June operating profit likely fell 56% to 6.5 trillion won , Samsung in a regulatory filing ahead of the release of its detailed earnings figures in late July.
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