SEOUL (Reuters) - Samsung Electronics Co Ltd on Tuesday said operating profit likely fell 24.5 percent in April-June to 7.2 trillion won ($7.12 billion) due to continued slowing growth in the company’s cash cow smartphone business.
The guidance, released ahead of final second-quarter figures due around the end of July, was much lower than an 8.3 trillion won mean estimate of 38 analysts polled by Thomson Reuters I/B/E/S.
The result would be the South Korean company’s third consecutive quarter of declining operating profit.
Samsung also said second-quarter sales likely fell 9.5 percent to 52 trillion won.
That would compare with analysts’ estimate of 54 trillion won and would be the first annual decline since Samsung adopted new accounting standards in 2009.
($1 = 1011.0000 South Korean Won)
Reporting by Se Young Lee; Editing by Ryan Woo