Samsung Estimates Weaker Q2 Earnings

Samsung Electronics, the world’s largest maker of memory chips, televisions and flat screens, estimated Thursday its second-quarter operating profit 3.7 trillion won ($3.48 billion), a 26.2 percent fall from a year earlier.

Giving its earnings guidance before the release of official results, Samsung also estimated second-quarter revenue at 39 trillion won, a 2.9 percent increase from 37.89 trillion in April-June 2010.

The decline is blamed on poor performances in LCD and semiconductor businesses.

Samsung said the recent estimates, based on International Financial Reporting Standards, are likely to differ from actual results because it hasn’t completed an audit.

Analysts expected earnings to improve modestly in coming quarters due largely to strong sales of its latest version of the Android-powered smartphone, Galaxy S II. As of the end of June, Samsung had sold around three million of the new model globally since it debuted in April.

 

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