Samsung forecasts smaller than expected profit gains in 2Q
SEOUL, South Korea (AP) — Samsung Electronics says its second-quarter operating profit rose 5 percent over a year earlier.
In its earnings preview Friday, the South Korean company estimated its April-to-June operating profit at 14.8 trillion won ($13.2 billion), missing expectations.
That represents a 5 percent fall from the previous quarter when its operating profit was at an all-time high. It means an end to Samsung’s streak of record-breaking earnings fueled by the lucrative memory chip business.
Sales fell 5 percent over a year earlier to 58 trillion won ($51.7 billion).
Analysts have recently lowered their views on Samsung, the world’s largest smartphone maker, citing weak smartphone sales. They said Samsung sold fewer-than-expected Galaxy S9 flagship smartphones.
The company is due to give its net profit and breakdown figures among its business divisions later this month.