Samsung Electronics Co Ltd reported a likely 96% plunge in second-quarter operating profit on Friday, largely in line with forecasts, as an ongoing chip glut drives large losses in the tech giant's key business despite a supply cut.
In the January-March quarter, the company reported a whopping 4.58 trillion wonBut in the second quarter, losses in Samsung's memory chip business likely shrank due to more sales of DRAM chips, used in PCs, mobile phones and servers, analysts said.
"When full earnings are announced, investors will be looking for third-quarter signals - how much effect the production cut will have in the third quarter, any demand recovery, and whether higher-end DRAM and high bandwidth memory products are set to improve profit mix."The memory chip downturn that began last year is expected to hit bottom in the third quarter, analysts said, although the rebound may start small.
"Unlike its competitors, is expected to maintain its investment in memory chips this year ... which will pay off in increased market dominance in 2025."
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