Samsung Reports 56% Year Over Year Decline in Profits

Samsung reported its Q2 2019 results today posting a 56% year over year decline in profits. For the quarter ending June 30, 2019, Samsung announced KRW 56.13 trillion in consolidated quarterly revenue and KRW 6.6 trillion in quarterly operating profit.

The decline was largely due to a weak memory chip market.

The weakness and price declines in the memory chip market persisted as effects of inventory adjustments by major datacenter customers in the previous quarters continued, despite a limited recovery in demand.

The quarter would have been worse if not for a one time payment from Apple for failing to meet OLED panel order minimums.

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