Samsung’s Q2 profit plummets to two-year low; stock climbs

%name Samsung’s Q2 profit plummets to two year low; stock climbs by Authcom, Nova Scotia\s Internet and Computing Solutions Provider in Kentville, Annapolis Valley

Samsung on Tuesday morning reported unaudited financial results for the second quarter that badly missed analysts’ estimates. The company said that it expects second-quarter operating profit to fall to 7.2 trillion won, or approximately $7.1 billion, versus analysts’ expectations of 8.6 trillion won. That figure marks a massive 24% decline from the year-ago quarter. Samsung also said that it expects June-quarter revenue to decline 10% to 52 trillion won, or approximately $51.4 billion.

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