Samsung expects steep drop in operating profits on US chip woes

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Samsung Electronics said Tuesday it expected its second quarter operating profits to fall by more than half, blaming US export controls on advanced AI chips to China.

The firm is the flagship subsidiary of South Korean giant Samsung Group, by far the largest of the family-controlled conglomerates that dominate business in Asia’s fourth-largest economy.

The tech giant said in a regulatory filing that its April-June operating profits were expected to drop to 4.6 trillion won ($3.3 billion) — down 56 percent from a year earlier and 31 percent from the…



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Samsung expects steep drop in operating profits on US chip woes



Samsung Electronics said Tuesday it expected its second quarter operating profits to fall by more than half, blaming US export controls on advanced AI chips to China.

The firm is the flagship subsidiary of South Korean giant Samsung Group, by far the largest of the family-controlled conglomerates that dominate business in Asia’s fourth-largest economy.

The tech giant said in a regulatory filing that its April-June operating profits were expected to drop to 4.6 trillion won ($3.3 billion) — down 56 percent from a year earlier and 31 percent from the…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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