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Samsung forecasts 25 per cent drop in profits for second quarter

July 9, 2014

ANI



London, July 9 (ANI): Samsung Electronics has forecast a 25 per cent drop in profit for the second quarter due to a slowdown in the smartphone market and a strong Korean currency.

It expects to make an operating profit of 7.2 trillion Won (USD7.1 billion) in the April-to-June period, down from 9.5 trillion Won a year ago, reports the BBC.

A stronger Korean currency (rising 11 per cent against the dollar) has also hurt Samsung's earnings during the period.

Its operating profit has now fallen for three straight quarters.

The South Korean firm is the world's biggest maker of mobile phones and the handset division accounts for the bulk of its profits. (ANI)


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Source: Asian News International


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