Samsung expects Q2 profit to plunge 95%

By Agence France-Presse

Jul 08, 2023 12:16 am

SEOUL: Samsung Electronics said on Friday it expects second-quarter operating profits to fall more than 95 percent on-year to their lowest level in 14 years, as a global glut of semiconductors continues to hurt its core memory sector.

The firm is the flagship subsidiary of South Korean giant Samsung Group, by far the largest of the family-controlled conglomerates that dominate business in Asia's fourth-largest economy.

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