Profits Fall for Tech Giant Samsung in the Second Quarter of the Year
Tech giant Samsung made less profit in the second quarter of the year compared to a year earlier. Increasing trade tensions and the ongoing malaise in the sector put pressure on the result of the South Korean company.
Net profit was 54 percent lower on an annual basis to 5.1 billion won, equivalent to around 3.9 billion euros.
Furthermore, the turnover of the Group decreased by 4 percent to 56.1 billion won. Samsung is the most massive chip and smartphone maker in the world.
Geopolitical tensions such as the trade war between China and the US, but also the restrictions that Japan imposed on the export of chips in displays from Korea.
There is confusion on the supply chain and cause price pressure on, among other things, chips used in smartphones but also data centres.
Samsung also did not announce what dividends and other rewards it will pay over the next three years. This would initially do it, but the company says it faced the constant challenges and postponed the announcement for that reason.