Samsung forecasts smaller than expected profit gains in 2Q

SEOUL, South Korea — 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.

Must Read

Hailing cooperation, US and China join global...

Sep 3, 2016

President Barack Obama and China's President Xi Jinping on Saturday sealed their nations'...

Bumpy beginning for Obama in China, starting on...

Sep 4, 2016

If President Barack Obama was hoping for a graceful start to his final trip to Asia as commander in...

Air China removes mag with offensive article...

Sep 8, 2016

Air China says it has removed copies of its inflight magazine containing an article criticized as...

Leader of Chinese protest village gets 3 years in...

Sep 9, 2016

The democratically elected mayor of a fishing village in southern China _ which became a focus of...

China says it can't end North Korea nuke program...

Sep 12, 2016

China says the United States has inflamed the conflict on the Korean Peninsula and must carry the...