Samsung Electronics Q2 net profit slumps 53%

The world’s biggest smartphone and memory chip maker Samsung Electronics saw net profits slump by more than half in the second quarter, it said Wednesday, in the face of a weakening chip market and a trade row building between Seoul and Tokyo.

Net profits in the three months to June were 5.18 trillion won (USD 4.38 billion), down 53 percent year-on-year.

The flagship subsidiary of the sprawling Samsung Group has enjoyed record profits in recent years despite a series of setbacks, but is now struggling, with chip prices falling as global supply increases while demand weakens.