The figures were not all doom and gloom, however, with Samsung’s Mobile eXperience division seeing revenue from smartphones reach 28.5 trillion won ($21.9 billion), up 7% year-over-year, despite a 21% decline from the previous quarter following the release of the Galaxy S25 range.

Samsung Electronics just scored a $16.5 billion deal with Tesla tied to its Austin-area chip fab. Samsung is relying on the deal and others like it to aid its slumping semiconductor business.

Samsung Electronics Co.’s chip unit plunged a far bigger-than-expected 94% in the June quarter, reflecting the depth of a slump that’s plaguing the world’s largest memory chipmaker.