Samsung Financial Streak Tipped To End With Average Q2 Results
Samsung’s financial streak is nearing an end as its earnings guidance for Q2 shows a drop in sales from the previous year, breaking its seven quarter stretch of record operating profit results.
Its Q2 consolidated sales is predicted to hit 58 trillion Korean won ($69.9bn), a drop compared to last year’s results of 61 trillion Korean won. The company’s consolidated operating profit is estimated to be at 14.8 trillion won ($17.8bn), close to last year’s figure of 14.07 trillion Korean won.
Reuters claims analysts have been expecting an average result for the Korean company due to ordinary sales from its Galaxy S devices.
Some analysts are even saying Samsung is ‘lacking technological innovation’ which could cause rival Apple to overtake the company as global leader in the smartphone industry.
This is the company’s smallest profit growth in more than a year.
Samsung Q2 sales are predicted to come in between 57 and 59 trillion Korean won and its operating profit is estimated to be between 14.7 and 14.9 trillion Korean won.
The Q2 financial results for Samsung are normally released on the last Friday of the month, in this case it is July 27.
Samsung will be unveiling its new Galaxy Note 9 on August 9 with the Galaxy S10 and foldable phone to be released early next year.