Samsung Electronics take hit, one-off gains to beat expectations

Samsung Electronics Co Ltd forecast a steep plunge in its second-quarter operating profit as the US-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 US sanctions on Chinese telecom equipment maker Huawei Technologies, a key Samsung client.