Samsung sees nearly 96% drop in Q2 operating profit

Samsung Electronics Co, the South Korean tech giant, expects its second-quarter operating profit to decline by nearly 96% from last year, as the memory chip market continues to weaken.

The company projects quarterly sales will decrease 22.28%. The South Korean conglomerate projects operating profit of about 0.60 trillion Korean won ($460 million) in the second-quarter, compared to 14.10 trillion won reported last year.

It reported operating profit of about 0.64 trillion won in the first-quarter. The company also expects second-quarter consolidated sales of about 60.00 trillion won compared to 77.20 trillion won last year.

It reported consolidated sales of about 63.75 trillion won in the first-quarter. Second-quarter earnings results will be released later this month.