SEOUL: Samsung Electronics’ June-quarter profit is expected to plunge 96% on-year to the lowest for any quarter in more than 14 years, as a chip glut continues to drive large losses in the tech giant’s cash cow business despite a supply cut.
Operating profit for the world’s biggest maker of memory chips, smartphones and TVs likely fell to 555 billion won (US$427 million) in the April-June quarter, according to a Refinitiv SmartEstimate from 27 analysts, weighted toward those who are more consistently accurate.
If…
