Samsung Q2 profit halts seven-quarter record streak

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Samsung Electronics expects a solid 14.8 trillion won operating profit for the second quarter, a rise of 5.2 percent from a year ago. But it brings a halt to its seven-quarter-straight streak of record profits.


Samsung expects operating profits of 14.8 trillion won in the second quarter of this year, it has said in its earnings guidance.
The results mark a rise of 5.2 percent from 14.67 trillion won a year ago.
But it is a fall of 5.4 percent from the previous quarter's 15.64 trillion won, the company's highest on record. Samsung's profits had been on a record-setting seven quarter straight streak of rising profits.
In sales, the firm expects 58 trillion won, a drop of 4.9 percent from last year's 61 trillion won.A decline in smartphone sales and price drops of Liquid Crystal Display (LCD) likely dented profits.
But high demand for memory chips and strong sales of premium TVs thanks to the 2018 FIFA World Cup likely offset a huge decline.
Analysts estimate that profits will bounce back up in the third quarter and possibly set another record, due to launches of flagship products and high demand for memory chips.
Semiconductors has been the main bulwark that contributed to the South Korean tech giant's record profits, due to unprecedented demand.
Samsung is in a slew of launching new devices to market like Samsung Electronics' Connect Tag is the first of its kind to use the narrowband IoT (NB-IoT) network and can be used to track pets, children, and personal item.

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