Samsung on Friday released a bleak earnings forecast for its second fiscal quarter of 2019, projecting operating profits more than halved from last year due to ongoing weakness in the company’s bread-and-butter memory chip business.
Operating profit likely dipped to 6.5 trillion won (about $5.5 billion) during the three-month period ending in June, Samsung said in a regulatory filing. The tentative result beats industry estimates but represents a year-over-year decline of 56%, reports CNBC.
The first quarter result would have been worse was it not for a one-time payment from Apple, which reimbursed Samsung for missing contractual purchasing obligations for OLED panels.
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