Samsung Electronics' Profits Plummet 95%

Samsung Electronics announced today, Thursday, a 95% drop in its profits in the second quarter as the semiconductor industry continued its downward trend despite production cuts due to weak demand for products reliant on semiconductors. The world's largest manufacturer of memory chips and smartphones stated that its operating profit fell to 669 billion won ($527 million) in the quarter from April to June, compared to 14.1 trillion won the previous year. This profit marks the second lowest quarterly profit the company has recorded in 14 years. Revenues decreased by 22% to 60 trillion won.