Samsung's 2Q profit record high but below forecast - 13 WTHR Indianapolis

Samsung's 2Q profit record high but below forecast

Updated:
SEOUL, South Korea -

Samsung Electronics reported a record-high profit for six straight quarters but still disappointed investors who had higher expectations for the world's largest smartphone maker.

Samsung said Friday its April-June net profit jumped 50 percent over a year earlier to 7.77 trillion won ($6.9 billion).

The bottom line was lower than the market forecast of 7.96 trillion won, according to a survey of analysts by FactSet.

Operating profit was also at a record high of 9.53 trillion won, up 48 percent. Sales rose 21 percent to 57.46 trillion won.

Samsung's latest quarterly report indicates that its explosive profit growth driven by Galaxy smartphone sales may be slowing down. Samsung says its mobile business posted a lower profit compared with the previous quarter on marketing costs.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Powered by WorldNow