Samsung estimates disappointing Q2 profit

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Associated Press

Posted on July 5, 2013 at 4:06 AM

SEOUL, South Korea (AP) — Samsung Electronics Co. estimates its April-June operating income at 9.5 trillion won ($8.3 billion), a record high for the world's largest smartphone maker but short of expectations.

The South Korean company said in its Friday earnings preview that its second-quarter operating income jumped 47 percent from a year earlier. That is smaller growth than the market consensus of 10.2 trillion won by data provider FactSet.

Samsung said sales grew 20 percent to 57 trillion won ($50 billion).

It announces net income and details of quarterly financial results later this month.

Samsung says the latest iteration of its flagship smartphone, the Galaxy S4, hit 10 million sales in May, less than a month since its debut.

Analysts say heavy marketing costs probably weighed on Samsung's mobile business despite the robust sales.

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