Samsung's 2Q profit record high but below forecast

Samsung's 2Q profit record high but below forecast

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LAS VEGAS - JANUARY 10: Show attendees watch a flat-screen television display at the Samsung booth at the Las Vegas Convention Center during the 2009 International Consumer Electronics Show January 10, 2009 in Las Vegas, Nevada. CES, the world's largest annual consumer technology trade show, runs from January 8-11 and is expected to feature 2,700 exhibitors showing off their latest products and services to more than 130,000 attendees. (Photo by David McNew/Getty Images)

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KMOV.com

Posted on July 26, 2013 at 9:10 AM

Updated Friday, Jul 26 at 1:09 PM

SEOUL, South Korea (AP) -- 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, a financial data provider.

   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.

 

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