(CNBC) Samsung Electronics said it expects a 96% profit plunge in the second quarter of 2023 as weak demand for memory chips persists. The world’s largest dynamic random-access chip maker estimates operating profit in the quarter from April to June to be 600 billion Korean won ($459 million), down from 14.1 trillion Korean won in the same period last year. This would be the company’s lowest quarterly profit since the 590 billion won recorded in the first quarter of 2009, according to the company’s past earnings data.
Samsung estimates profits plunged 96% in the second quarter
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