Samsung, the world’s biggest smartphone and memory chip maker said operating profit fell 56% from a year earlier.
The results reflect a broader industry slowdown, weighed down by the US-China trade war along with a looming trade battler between Seoul and Tokyo. Japan recently imposed export curbs on certain industrial materials used in semiconductors and screens.
Samsung posted operating profit of 6.6 trillion Korean won ($5.6bn US) for the three months to June, a 56% drop from the 14.87 trillion Korean won posted in the same period a year earlier. The result was in line with company estimates.
Samsung has faced declining smartphone sales and growing competition from rivals based in China such as Huawei.
In a statement, Samsung said weakness and price falls in the memory chip market continued “despite a limited recovery in demand”.
Last week, Samsung said the Galaxy Fold will go on sale in September after improvements were made to the smartphone screen.
