Samsung's Q2 profit to miss expectations, smartphone worries deepen
Although Samsung CEO J.K Shin earlier this week confirmed to South Korean reporters that his company had shipped 20 million Galaxy S4 in just two months, concerns over lackluster smartphone sales seem to have deepened. According to Reuters, the South Korean electronics giant on Thursday warned its operating profit for the three-month period ending June 30 will fall short of analysts' expectations - 9.5 trillion won (approximately $8.3 billion) versus 10.1 trillion won ($8.8 billion) as predicted by analysts.
It should be noted that before a slight decline in the first quarter, the South Korean company had enjoyed five consecutive quarters of record profits. Its current top-of-the-line smart phone, the Galaxy S4, is one of the fastest selling handsets in the world now. As Samsung claimed, it sold 10 million Galaxy S4 handsets in less than a month. However, the number paled in comparison with Apple's flagship smartphone, the iPhone 5, which sold 5 million units in the first weekend on the market.
Samsung will hold a conference call on July 26 to announce full quarter financial results, three days after its arch-rival, Apple, reveals its third quarter numbers.