Samsung Electronics Co.’s quarterly profit more than halved after a global industry downturn and trade tensions hammered demand for its chips and high-end smartphones.
Korea’s largest company reported a less-than-expected 56% fall in operating income to about 6.5 trillion won ($5.6 billion) in the June quarter -- but that was helped by an unspecified one-time gain from a customer that analysts estimate could have topped $800 million. The company won’t provide net income or break out divisional performance until it discloses final results toward the end of the month. Its shares slid 0.8% in Seoul.
