wednesday revenue: The stock later recovered some losses to trade down 2.6%. Operating profit was 6.6 trillion Korean won 5.6 billion for the three-month period that ended June, compared with 14.87 trillion Korean won 12.6 billion the same period a year ago, Samsung said in a statement on Wednesday, according to CNN. Revenue also dropped 4% year on year to 56.13 trillion Korean won 47.5 billion during the same period. Shares in Samsung Electronics Co Ltd SSNLF tumbled as much as 3.3% in Seoul following the announcement. The weakness and price declines in the memory chip market persisted as effects of inventory adjustments by major data center customers in the previous quarters continued, despite a limited recovery in demand, the company said. Sales of the company's flagship devices such as the Galaxy S10 fell because of slowing demand for premium products, while sales of the cheaper Galaxy A Series have increased, it added. Read More Demand for smartphones has also declined because of economic uncertainty, Samsung said.
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