Samsung's profit drops 56% due to competition and US export curbs, stock down 30% in year

Samsung Electronics projects a 56% drop in second-quarter profit due to US export curbs and competition from SK Hynix, Micron, and Chinese firms in the chip market. Analysts cite struggles with high-bandwidth memory chips and attracting new customers. Samsung’s shares rose 0.4% after announcing a buyback plan. Stock down over 30% in the past year.

The South Korean memory chipmaker estimates a 4.6 trillion Korean won ($3.37 billion) operating profit for the second quarter, attributing the profit miss to US export curbs on advanced AI chips to China. Samsung’s market share is being eaten into by Chinese competitors ramping up production of HBM chips. Trump’s 25% tariff on South Korean goods poses further challenges for Samsung.

Read more at Yahoo Finance: Samsung’s brutal profit plunge shows how far the company has slipped in the chip war