Samsung Profit Slumps More Than Half As Chip Market Weakens

The world’s biggest smartphone and memory chip maker Samsung Electronics on Wednesday reported second-quarter world wide web profits slumping by over fifty percent when confronted with a weakening chip market, and as a trade row develops between Tokyo and Seoul. The flagship subsidiary of the sprawling Samsung Group has enjoyed record profits in recent years despite some setbacks but is now fighting chip prices falling as global supply increases.

4.38 billion), Samsung Electronics said in a statement, down 53 percent year-on-year. In mobile phones, it achieved “stronger shipments on new mass-market models but was overall weighed down by slower sales of flagship models and increased marketing expenses”, it added. The results come hours after Apple, one of Samsung’s main rivals, shipped better-than-expected results as growth from services helped offset weakened iPhone sales.

The US company has been shifting concentrate to digital content and services as sales of its flagship device weaken. Facing hardware difficulties of its own, Samsung launched its top-end S10 5G smartphone earlier this year after South Korea received the global race to commercially launch the world’s first nationwide 5G network. But in April it was embarrassingly pressured to delay the discharge of its new and hotly anticipated Galaxy Fold mobile phones after reviewers provided with early devices reported display screen problems within times of use. A simmering dispute between South Japan and Korea, which includes seen Tokyo impose limitations on chemical substance exports imperative to the South’s world-leading chip and smartphone companies — is also expected to affect Samsung Electronics’ key products.

Two of the chemicals and materials targeted by Tokyo, hydrogen fluoride gas and photoresists, are essential to making storage chips, as the third, fluorinated polyimide, can be used for high-spec TV displays and smartphone shows, including folding models. In the second half, Samsung Electronics said it “expects consistent uncertainties in the memory space business”, while “overall slow demand in the wide smartphone market may limit upside potential” as competition increases. Q2 earnings were ahead of anticipations, HMC Investment Securities analyst Greg Roh told AFP, although smartphone sales lagged behind consensus forecasts. The South Korean firm experienced spent nearly eight years developing the Fold as part of its strategy to propel development with groundbreaking devices.

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While the model was not the world’s first folding handset, the smartphone giant hoped it could help spark demand and possibly revive a sector that has been struggling for new improvements. The firm previously this month announced it has “made improvements” to these devices and would release it in September, but analysts say its delivery is likely to be suffering from the Seoul-Tokyo trade dispute.

Len Jelinek, professional director of semiconductor research at IHS Markit. Tokyo’s move has elevated international concern about the effect on global tech supply stores and the likelihood of price hikes for consumers worldwide. Samsung is by significantly the largest of the family-controlled conglomerates that dominate business in the world’s 11th largest overall economy, and it is imperative to South Korea’s financial health. Operating revenue plunged 56 percent to 6.6 trillion won in the next quarter, the firm said, while sales dropped four percent to 56.13 trillion won. Samsung Electronics shares were down 2. 7 percent in morning trade.

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