Samsung Electronics profits drop 95% in Q2 of 2023

Samsung Electronics announced that its profits dropped by 95 percent in the second quarter (Q2) of 2023.

The production of chips dropped too due to the declining demand on products that rely on semiconductors.

The world’s largest smartphone and chip company said that the company’s operating profits fell to 669 billion won during the period from April to Junes.

The profits went down from 14.1 trillion won during the same period last year.

The profits are the second lowest that the company records in 14 years. The revenues dropped by 22 percent to 60 trillion won.