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Samsung misses estimates as Galaxy growth wanes

Reuters/ AFR | July 5, 2013
Fueling concerns about flagging demand for high-end smartphones with a weaker-than-expected earnings forecast for the second quarter.

The guidance, released ahead of full quarterly results due on July 26, was worse than an average forecast of 10.16 trillion won in a poll of 43 analysts by Thomson Reuters I/B/E/S.

In afternoon trade on Seoul's KOSPI stock index, Samsung was down 3.49 per cent at 1.27 million won.

The new market jitters about Samsung come after Canada's troubled BlackBerry, fresh after launching two flagship phones, on Friday posted an unexpected first-quarter loss and disappointing sales figures. Its share price tumbled nearly 28 per cent on the news.

Jung Sang-jin, a fund manager at Dongbu Asset Management, which owns Samsung shares, told Reuters that the Samsung's smartphone story is "not quite" but said "it's growth is indeed slowing due largely to disappointing sales of the S4," said

"Yet I think Samsung has some exciting stuff up its sleeves. The problem is no one is sure whether these products can really wow investors and consumers."


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