Samsung predicts 56% drop in Q2 operating profit on weak chip market

Samsung Electronics said Friday its operating profit for the last quarter likely fell more than 56% from a year earlier amid a weak market for memory chips.

The South Korean tech giant estimated an operating profit of 6.5 trillion won ($5.5 billion) for the April-June quarter, which would represent a 56.3% drop from the same period last year.

The company said its revenue likely fell 4% to 56 trillion won ($48 billion), but did not provide a detailed account of its performance by business division. It will release a finalised earnings report later this month.