South Korean tech giant Samsung has seen a big drop in its second-quarter profits, and warned of further challenges for the rest of the year.
Samsung are the world’s biggest smartphone and memory chip manufacturer, and stated that their operating profits fell 56% when compared to their 2018 results in the same period.
The operating profit was £4.6bn – a 56% drop compared to the same time period in 2018.
Difficulties at the international tech giant look set to continue throughout 2019.
Samsung announced that it would focus on the launch of new products in 2019 including its first folding smartphone, which has so far failed to live up to the hype.
The company had seen a lot of reports of broken screens and hardware – which impacted its full-year results for 2018, and led into this year’s troubles.
Adding to this is the growth of Chinese powerhouse Huawei, which has taken a larger share of the smartphone market in recent years.
However, this week Samsung announced that the Galaxy Fold will go on sale this September after improvements were made.