Samsung Electronics forecasts 4 percent drop in 2Q profit
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Samsung Electronics Co. forecasts its second-quarter profit has dropped 4 percent from a year earlier.
The maker of Galaxy smartphones said in its earnings preview Tuesday that its April-June operating profit was 6.9 trillion won ($6.1 billion). The consensus among analysts was 7.23 trillion won, according to financial data provider FactSet.
Samsung said sales fell 8 percent over a year earlier to 48 trillion won. The company is scheduled to disclose its net profit and breakdown figures among its business divisions later this month.
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The announcement shows that recovery at Samsung's smartphone division was not as strong as expected.
Analysts have lowered profit forecasts on Samsung in recent weeks citing the weaker-than-expected sales of its flagship smartphones, the Galaxy S6 and S6 Edge, which went on sale in April.