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Samsung Electronics expects lower QOQ profit, sales in Q2

Shares in Samsung Electronics Co. Ltd. fell after the South Korean group projected a quarter-over-quarter decline in second-quarter operating profit and sales.

Samsung shares closed 2.29% lower on the Korea Exchange on July 6 after the company said consolidated operating profit is projected to be in the range of 14.7 trillion South Korean won to 14.9 trillion won, down from 15.64 trillion won in the previous quarter but slightly higher than the 14.07 trillion won recorded in the second quarter of 2017.

Sales are expected to be between 57 trillion won and 59 trillion won, down from 60.56 trillion won in the first quarter and 61.00 trillion won in the year-ago quarter.

Samsung Electronics said earlier that profitability of its mobile business would decline because of stagnant sales of flagship models in the second quarter and demand for its display technology OLED screens would weaken.

As of July 5, US$1 was equivalent to 1,118.53 South Korean won.