July 4, 2019 / 11:48 PM / 18 days ago

Samsung Elec says Q2 operating profit likely 56% down y/y

SEOUL, July 5 (Reuters) - Samsung Electronics Co Ltd on Friday said its second-quarter operating profit likely fell 56 % from a year earlier, beating analyst estimates.

Analysts say a drop in memory chip shipments to China’s embattled Huawei Technologies exacerbated a price-squeezing supply glut.

Samsung, in a regulatory filing, said April-June profit was likely 6.5 trillion won ($5.6 billion), beating the 6 trillion won Refinitiv SmartEstimate.

Samsung said its operating profit included its display division’s one-off gains, but it did not elaborate further.

Revenue likely fell 4.2 % from a year earlier to 56 trillion won. ($1 = 1,167.3100 won) (Reporting by Ju-min Park and Heekyong Yang; Editing by Stephen Coates)

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