Samsung Profit Halves as Downturn Wallops Chips and Smartphones

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Samsung Profit Halves as Downturn Wallops Chips and Smartphones

amsung Electronics Co.’s quarterly profit more than halved after a global industry downturn and trade tensions hammered demand for its chips and high-end smartphones.

Korea’s largest company reported a less-than-expected 56% fall in operating income to about 6.5 trillion won ($5.6 billion) in the June quarter — but that was helped by an unspecified one-time gain from a customer that analysts estimate could have topped $800 million. The company won’t provide net income or break out divisional performance until it discloses final results toward the end of the month. Its shares slid as much as 1.5% in Seoul.
 
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