Samsung Electronics Q2 Profit Fell Over 95 Percent Amid Chip Oversupply, Weaker Demand

Samsung Electronics on Thursday reported a more than 95 percent plunge in operating profits in the second quarter owing to weak demand for memory chips. Operating profit from the April to June period was KRW 668.5 billion (roughly Rs. 3,800 crore), down from KRW 14.1 trillion (roughly Rs. 89,072 crore) from a year earlier, Samsung said in a statement.