Samsung Electronics said Tuesday that its second-quarter operating profit likely plunged nearly 56 percent from a year earlier.

In its preliminary earnings report, the South Korean tech giant projected an operating profit of four-point-six trillion won for the April to June period, down 55-point-94 percent from a year earlier. 

The figure is about 23 percent below the market estimate of 6 trillion won.

Samsung also estimated that sales for the quarter slipped zero-point-09 percent year-on-year to post 74 trillion won.

The company said its Device Solutions division, which oversees its semiconductor business, recorded a profit decline due to inventory value adjustments and the impact of U.S. export restrictions on advanced AI chips bound for China.