Samsung forecasts profit plunge after the U.S.-China trade war, beats expectations on one-off gains

Samsung Electronics Co Ltd forecast a steep plunge in its second-quarter operating profit as the U.S.-China trade war wreaks havoc in global chip and smartphone markets, although one-off gains helped it beat analyst expectations The South Korean tech giant is on track to post year-on-year profit declines for a third consecutive quarter as chip prices fell due to a supply glut and U.S. sanctions on Chinese telecom equipment maker Huawei Technologies, a key Samsung client. Memory chipmakers like Samsung and South Korea’s SK Hynix are hurting as rising tariffs hit…

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