Samsung Electronics said on Thursday that its net income plunged nearly 50 per cent in the second quarter (Q2), as its semiconductor division logged its lowest earnings in over a year due to sluggish demand for high bandwidth memory (HBM).
In a regulatory filing, the company reported a net income of 5.11 trillion won (US$3.7 billion) for the April-June period, down 48 percent from 9.84 trillion won a year earlier, reports news agency.
The earnings fell short of market expectations. The average estimate of net profit by analysts stood at 7.29 trillion won, according to a survey.
Operating profit stood at 4.67 trillion won, down 55.2 percent from a year ago, while revenue rose 0.7 percent to 74.56 trillion won.
The semiconductor division posted 400 billion won in operating profit, the lowest since the fourth quarter of 2023, when it recorded a 2 trillion-won operating loss.