Samsung shares slide as CFO admits Q2 “doesn’t look too good”

The WSJ reports that Samsung stock fell 1.9 percent as chief financial officer Lee Sang-hoon admitted that the company’s quarter two performance “doesn’t look too good.”

The comments were enough to drive down the stock price.  Samsung Electronics’ stock fell  1.9% to 1,320,000 won (US$1,296.4) as concerns over slowing profit growth reignited. Shares have fallen 8.5% so far this month, hit by a series of downgrades in earnings forecasts for the world’s largest seller of smartphones …

Although no specifics were shared, KTB Investment & Securities in Seoul is predicting a 16 percent year-on-year decline in operating profits, citing weak demand for Samsung’s mid-to-low-end smartphones in emerging markets. Samsung said back in May that shipments of the company’s flagship handset, the Galaxy S5, are out-performing previous models.

Samsung previously reported slight growth in Q1, with 18 percent year-on-year growth in its mobile division, with the Note III and Galaxy S5 responsible for most of this.

Image credit: businesskorea.co.kr