Samsung Electronics Q2 operating profit plunges 55% y/y due to low semiconductor earnings

Samsung Electronics has recorded a second-quarter operating profit of 4-point-7 trillion Korean won or 3-point-4 billion U.S. dollars.

Now this is a 55-percent plunge on year and over 21 percent lower than market projections.

Officials are linking the weak numbers to the company's chip division where operating profit plummeted about 94 percent in the second quarter on year.

Yet despite the slowing profit overall chip sales rose 11 percent on year driven by demand for premium server chips and increased foundry orders.