Samsung forecasts 4 percent drop in 2Q profit
SEOUL, South Korea (AP) — Samsung Electronics Co. forecasts its second-quarter profit has dropped 4 percent from a year earlier.
The maker of Galaxy smartphones said in its earnings preview Tuesday that its April-June operating profit was 6.9 trillion won ($6.1 billion). The consensus among analysts was 7.23 trillion won, according to financial data provider FactSet.
Samsung said sales fell 8 percent over a year earlier to 48 trillion won. The company is scheduled to disclose its net profit and breakdown figures among its business divisions later this month.
The announcement shows that recovery at Samsung's smartphone division was not as strong as expected.
Analysts have lowered profit forecasts on Samsung in recent weeks citing the weaker-than-expected sales of its flagship smartphones, the Galaxy S6 and S6 Edge, which went on sale in April.