News Column

Samsung's Profit Falls Short of Expectations

July 5, 2013

Samsung Electronics Co's operating profit rose by nearly half in the second quarter, the company said Friday, but fell short of predictions by industry observers.

Operating profit was about 9.5 trillion won (8.3 billion dollars) for April to June, up from 6.5 trillion won a year earlier, the company said in a preliminary earnings report.

Observers polled by financial news agency Bloomberg had said earlier they expected an average of 10 trillion won for the quarter.

Samsung released the Galaxy S4, the latest generation of its flagship smartphone, in April.

An analyst quoted by Bloomberg said Samsung, which does not release breakdowns of its production figures, was estimated to have shipped fewer smartphone units in the quarter than anticipated.

Samsung's sales for the quarter were about 57 trillion won, down from 47.6 trillion won in the second quarter of 2012.

The company did not release estimated net profit figures, or revised estimates for the year's earnings. A consolidated report for the second quarter was expected this month.

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Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH. Distributed by MCT Information Services

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