Samsung Electronics says second quarter profit likely down 24.5 percent; worst in two years

Samsung Electronics Co Ltd on Tuesday said operating profit likely fell 24.5 percent in April-June, its lowest in two years due to slowing growth in the company's cash cow smartphone business and the strength of the South Korean won. The South Korean company said operating profit likely fell to 7.2 trillion won ($7.12 billion) during the quarter. In a separate statement, Samsung said the won's strength during the second quarter and a slowdown in overall smartphone market growth hurt the company's bottom line. "The company cautiously expects a more positive outlook in the third quarter with the coming release of its new smartphone lineup," Samsung said, adding that it expected stronger smartphone sales as well as a seasonal lift in demand for its memory business.

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