Just a few years ago, Samsung Electronics stood as a leading force in the global semiconductor race, dominating one chip sector and eyeing Taiwan’s TSMC in the battle for supremacy in another.

Samsung Electronics reported on Thursday a 55% drop in second-quarter operating profit as delays in high-bandwidth memory chip shipments and U.S. export curbs on advanced chip sales to China continued to drag on its key semiconductor division.

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.