Samsung Electronics Q2 profit drop by 4pc

AFP, SEOUL: Samsung Elec-tronics yesterday flagged a second-quarter drop in operating profit that missed analyst estimates after sales of its newest flagship smartphone failed to meet expectations.
The earnings forecast came as a South Korean court ruled in Samsung’s favour against a US hedge fund’s efforts to block the proposed merger of two major affiliates The giant smartphone and memory-chip maker predicted operating profit of around 6.9 trillion won ($6.1 billion) for the April-June period, down more than 4.0 per cent from a year earlier. That compared with the 7.2 trillion won average of 33 analyst estimates compiled by Bloomberg News, but still marked a 15 per cent increase from the first quarter.
Yesterday’s estimate, which comes ahead of audited results to be released later in the month, did not provide a net income figure.
It also gave no breakdown of divisional earnings. The company has seen profits sag since late 2013 due to heightened competition in an increasingly saturated smartphone market that it had dominated for years.

Samsung Electronics Q2 profit drop by 4pc

AFP, SEOUL: Samsung Elec-tronics yesterday flagged a second-quarter drop in operating profit that missed analyst estimates after sales of its newest flagship smartphone failed to meet expectations. The earnings forecast came as a South Korean court ruled in Samsungs favour against a US hedge funds efforts to block the proposed merger of two major affiliates The giant smartphone and memory-chip maker predicted operating profit of around 6.9 trillion won ($6.1 billion) for the April-June period, down more than 4.0 per cent from a year earlier. That compared with the 7.2 trillion won average of 33 analyst estimates compiled by Bloomberg News, but still marked a 15 per cent increase from the first quarter. Yesterdays estimate, which comes ahead of audited results to be released later in the month, did not provide a net income figure. It also gave no breakdown of divisional earnings. The company has seen profits sag since late 2013 due to heightened competition in an increasingly saturated smartphone market that it had dominated for years.