Samsung expects Q2 profits to decrease by 55.9%

Samsung Electronics expected its operational profits to decline in the second quarter of this year by 55.9%, compared to the same period last year, due to the slowdown of chips and repercussions caused by American customs duties, to record lower operating profits than expectations.

In a statement, the company attributed the sharp decline in detailed profits to the renewal of inventory and the impact of the American ban on the exports of advanced artificial intelligence chips to China.

The statement added that the company may achieve an operational profit worth 4.59 trillion Won ($ 3.4 billion) for the quarter ending last June, a sharp decrease of 10.44 trillion Won in the same period last year.

The company indicated that operating profits decreased by 31.2% compared to the first quarter of this year, stressing that it will issue its final report on the profits later this month.