News Column

Samsung Electronics' 2Q profits down 20 percent

July 30, 2014



SEOUL, South Korea (AP) Samsung Electronics Co. says its second-quarter profit dropped 20 percent as smartphone and tablet sales fell.

The South Korean company said Thursday that its net income during the April-June quarter was 6.3 trillion won ($6.1 billion), compared with 7.8 trillion won a year earlier.

That was the lowest since the second quarter of 2012 and below forecasts. Analysts surveyed by FactSet forecast 6.5 trillion won income.

Samsung had warned that the second quarter would be the worst in two years as its handset business halted growth.

Sales fell 9 percent to 52.4 trillion won while operating profit sank 25 percent to 7.2 trillion won, in line with Samsung's guidance earlier this month.

Samsung said its capital expenditure would be 24 trillion won, including 14.4 trillion won in its semiconductor division.


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Source: Associated Press


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