Seoul, Jul. 7, (dpa/GNA) - Samsung Electronics Co, the South Korean tech giant, expects its second-quarter operating profit to decline by nearly 96% from last year, as the memory chip market continues to weaken.
The company projects quarterly sales will decrease by 22.28%. The South Korean conglomerate projects an operating profit of about 0.60 trillion Korean won ($460 million) in the second quarter, compared to the 14.10 trillion won reported last year.
It reported an 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.
GNA