Friday, 5 July 2013

Samsung Electronics' second quarter misses forecast as smartphone worries deepen

By on 02:00
A man uses his mobile phone in front of a Samsung mobile shop in Seoul July 4, 2013. Samsung Electronics Co Ltd estimated its April-June operating profit rose 47 percent to a record 9.5 trillion won ($8.3 billion), lifted by the late April launch of its flagship Galaxy S4 smartphones. Picture taken on July 4, 2013. REUTERS-Kim Hong-JiSamsung Electronics Co Ltd missed already modest expectations for its quarterly earnings guidance on Friday, deepening worries that its smartphone business may have peaked, as growth in sales of its blockbuster Galaxy phones begins to wane and new rivals emerge to eat away at its market share.
The Galaxy S, powered by Google's free Android platform, propelled the South Korean firm into the top rank of smartphone makers in 2012, overtaking Apple Inc whose iPhone had set an industry standard five years earlier.