Operating profit missed forecasts at Korean electronics giant Samsung, expected to be 6.9tn won (£3.9bn) for the quarter to the end of June, it said in an earnings forecast today. That's down slightly from £4bn the same quarter last year, making it the seventh consecutive quarterly decline for the firm.
Profits were still up by 15 per cent from the first quarter, and Samsung said it was expecting to report sales of 48tn won when it reports its figures at the end of the month.
Samsung’s share price took an initial dip but rebounded, trading 1.4 per cent higher in Seoul. Final results will be released at the end of the month.
Why it's interesting
Its first quarter was the first time Samsung has factored in sales of its latest iPhone-killing flagship device, the Galaxy S6.
Samsung’s global dominance of the smartphone market has been challenged by popular new Apple products, and the Korean tech giant has had high hopes for Galaxy S6 to boost profits and reverse declining sales.
Samsung’s profit declining for the seventh consecutive quarter reinforces concerns that sales of its new flagship model have failed to live up to expectations.