Samsung Electronics expects its second-quarter earnings to be "not that good," CFO Lee Sang Hoon said. Lee's comments were confirmed by the company to Bloomberg after they were first reported by South Korean media. The CFO was asked questions on his way to an internal meeting, Clara Lee, a spokeswoman for Samsung, said.
Samsung is expected to post operating profit of KRW 8.4 trillion (USD 8.2 billion) in the three months ending June, according to the average of 35 analyst estimates compiled by Bloomberg. This is down from as high as KRW 10.2 trillion in the third quarter of 2013. The company is under pressure from increased competition in the high end of the smartphone market, as well as more local players in emerging markets producing cheaper phones at the low end of the market.
