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Samsung Electronics is expected to report a 39% drop in second-quarter operating profit, hit by delays in supplying advanced high-bandwidth memory (HBM) chips to AI leader Nvidia. According to LSEG SmartEstimate, the South Korean tech giant is projected to post an operating profit of 6.3 trillion won ($4.62 billion) for the April-June period—its lowest in six quarters and marking a fourth straight quarterly decline.
The earnings slump underscores growing investor concerns over Samsung’s ability to compete with rivals like SK Hynix and Micron, which have capitalized on soaring demand for HBM chips used in AI data centers. While SK Hynix and Micron have ramped up AI-related chip shipments, Samsung continues to lag due to U.S. restrictions on advanced chip exports to China—one of its key markets.
Analysts note Samsung’s latest HBM3E 12-high chip has yet to be certified by Nvidia, delaying meaningful shipments. NH Investment & Securities analyst Ryu Young-ho said HBM revenue likely remained flat in Q2, with limited impact from China and Nvidia-related delays. Despite initial expectations for progress by June, Samsung declined to confirm whether its chips passed Nvidia’s qualification. However, AMD confirmed in June that Samsung had started supplying its chips.
Smartphone sales may remain resilient, bolstered by pre-tariff stockpiling ahead of proposed U.S. tariffs on non-U.S.-made smartphones. Still, trade uncertainties—including President Trump’s proposed 25% tariff and possible revocation of chip technology authorizations—add pressure across Samsung’s key business lines.
Despite these headwinds, Samsung shares have risen 19% in 2025, underperforming the KOSPI’s 27.3% gain, making it the weakest performer among major memory chip stocks.
