(RTTNews) – Samsung Electronics Co Ltd (SMSN.L, SSNNF.OB, SSNLF.OB) expects that its second-quarter operating profit will drop about 95.74 percent from last year as the memory chip downturn continues. The company projects quarterly sales will decrease 22.28 percent.
The South Korean tech giant projects operating profit of about 0.60 trillion Korean won in the second-quarter, compared to 14.10 trillion won reported last year. While it reported operating profit of about 0.64 trillion won in the first-quarter.
The company also expects second-quarter consolidated sales of about 60.00 trillion won compared to 77.20 trillion won last year. It reported consolidated sales of about 63.75 trillion won in the first-quarter.
Second-quarter earnings results will be released later this month.
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Source : Nasdaq