Samsung has seen Q2 profits fall 96%, as chip prices continue to fall due to oversupply.
This is Samsung's lowest profit for any quarter since 2009. The drop, which is largely in line with forecasts, has seen Samsung joins its rivals in cutting chip supply.
Analysts expect chip prices to flatten in Q3, and recover in 2024. In Q1 Samsung reported big losses in its chip business as memory chip prices fell further and its inventory values were slashed. The drop in Q2 is being put down to more sales of DRAM chips - used in PCs, mobile phones and servers - analysts said.
Sasmung is set to release its full earnings report on July 27.