Samsung Elec estimates a 56% drop in Q2 operating profit, missing expectations

SEOUL, July 8 (Reuters) - Samsung Electronics 005930.KS on Tuesday projected a 56% drop in second-quarter operating profit from a year earlier, missing analysts' estimates.

Its chip business struggled with weak sales of artificial intelligence chips, dogged by delays in the supply of its latest chips to Nvidia NVDA.O and continued losses in its contract chip manufacturing business, analysts said.

The world's largest memory chipmaker estimated an operating profit of 4.6 trillion won for the April-June period, versus a 6.2 trillion won LSEG SmartEstimate.