Samsung's Q2 net profit soars on mobile, LCD sales
[2008-7-29]
Tag : Mobile Phone LCD
South Korea's Samsung Electronicssaid that second-quarter net profit grew 51% compared with the samequarter last year led by its liquid crystal display and mobilephone businesses.
"We posted very strong results," Chu Woo-sik, EVP of investorrelations, told analysts on a conference call.
Samsung earned 2.14 trillion won ($2.12 billion) in the threemonths ended June 30, the company said. Sales during the quarterrose 24% on year to a record 18.14 trillion won ($18 billion).
The result, however, failed to meet expectations, sending Samsung'sstock price tumbling. Analysts surveyed by Thomson Financial forecast that Samsung wouldpost net profit of 2.4 trillion won ($2.4 billion) on sales of 18.5trillion won ($18.2 billion). Shares in Samsung, which released the earnings results less thanone hour after the market opened, fell 6.2 % to close at 576,000won $568).
Lee Min-hee, an analyst at Dongbu Securities in Seoul, describedSamsung's results as "very disappointing," citing weak performancein its mainstay computer memory chip business despite an increasein prices during the quarter.
Also contributing to the stock sell-off was investor disappointmentthat Samsung did not announce an anticipated share buyback, Leesaid.
Samsung Electronics is the world's biggest manufacturer of memorychips, liquid crystal displays and flat screen televisions. Itranks second behind Finland's Nokia in mobile phones.
South Korea's Samsung Electronicssaid that second-quarter net profit grew 51% compared with the samequarter last year led by its liquid crystal display and mobilephone businesses.
"We posted very strong results," Chu Woo-sik, EVP of investorrelations, told analysts on a conference call.
Samsung earned 2.14 trillion won ($2.12 billion) in the threemonths ended June 30, the company said. Sales during the quarterrose 24% on year to a record 18.14 trillion won ($18 billion).
The result, however, failed to meet expectations, sending Samsung'sstock price tumbling. Analysts surveyed by Thomson Financial forecast that Samsung wouldpost net profit of 2.4 trillion won ($2.4 billion) on sales of 18.5trillion won ($18.2 billion). Shares in Samsung, which released the earnings results less thanone hour after the market opened, fell 6.2 % to close at 576,000won $568).
Lee Min-hee, an analyst at Dongbu Securities in Seoul, describedSamsung's results as "very disappointing," citing weak performancein its mainstay computer memory chip business despite an increasein prices during the quarter.
Also contributing to the stock sell-off was investor disappointmentthat Samsung did not announce an anticipated share buyback, Leesaid.
Samsung Electronics is the world's biggest manufacturer of memorychips, liquid crystal displays and flat screen televisions. Itranks second behind Finland's Nokia in mobile phones.
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