Samsung profit plunges 56%, warns of “significant new challenges”

SEOUL: Samsung Electronics has warned that Japanese curbs on the export of chip-making materials was blurring its outlook and said it would delay a plan to return money to shareholders due to “significant new challenges.”
The South Korean tech giant also posted a 56% plunge in June-quarter profit as an oversupply of memory chips continued to weigh down prices.
The profit decline and uncertain outlook overshadowed the company’s optimism that the chip market had bottomed out and would start to recover in the second half. Samsung shares were down almost 3%, underperforming the broader market.