Picture: AFP Suwon, South Korea . Samsung Electronics said Friday it expects operating profit to tumble 56 percent for the second quarter of this year in the face of a weakening chip market, AFP reports. Operating profit for the April to June period is forecast to reach around 6.5 trillion won ($5.6 billion), down 56 percent from a year earlier, the world’s largest maker of smartphones and memory chips said in a statement. The firm is the flagship subsidiary of the giant Samsung Group, by far the biggest of the family-controlled conglomerates that dominate business in the world’s 11th largest economy, and it is crucial to South Korea’s economic health. It has enjoyed record profits in recent years despite a series of setbacks, including the jailing of its de facto chief. But now the picture is changing, with chip prices falling as global supply increases while demand weakens. Samsung launched its top-end S10 5G smartphone earlier this year, after South Korea won the global race to commercially launch the world’s first nationwide 5G network. But in April it made a high-profile decision to push back the release of its new Galaxy Fold phones after reviewers provided with early devices reported… Read full this story
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