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Samsung Profit Halves as Downturn Wallops Chips and Smartphones

  • Its profit beat expectations but only after a one-off gain
  • Korea’s largest company is struggling with a global slowdown
Bloomberg business news
Ben Stanton, senior analyst at Canalys, talks about Samsung Electronics Co.’s results and outlook.(Source: Bloomberg)
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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.