Samsung Q2 profits to soar by 79%

Samsung Q2 profits to soar by 79%

Samsung Electronics is estimating Q2 profits of between £3.67bn and £3.92bn, up 79% on last year.

But the company's shares fell in response to lower than expected sales, hit by the continuing economic downturn in Europe.

The electronics giant will issue its earnings report later this month.

Analysts estimate £2.49bn of Samsung Electronics' second quarter profit was generated by its mobile communications division, accounting for around 65% of its operating earnings.

However, the Korean company’s guidance for Q2 revenue of between £26bn and £27bn was below the average market forecast of around £28bn. Samsung shares closed 2% lower in Seoul.

Delays in sales of its flagship smartphone, the Galaxy S III (pictured), which was released on 29 May, have also impacted on Samsung’s shares, with analysts cutting estimates of Galaxy S III sales in Q2 from seven million to six million.

Written by Mobile Today
Mobile Today


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