Samsung sales and profits down despite Galaxy S5 launch
See the original posting on The Verge
Samsung Electronics has released its financial results for the second quarter of 2014, showing the first drop in net profit in three years for the Korean electronics giant, and a slowdown in its smartphone sales. The company announced it had made a net profit of 6.25 trillion won ($6.1 billion), down from 7.77 trillion won ($7.58 billion) last year. It also recorded an operating profit of 7.19 trillion won ($7.02 billion) in the period a 15 percent drop from last quarter on revenues of 52.35 trillion won ($51.02 billion). The new figures mean Samsung’s operating profit has dropped almost 25 percent from the same quarter last year, falling from 9.53 trillion won ($9.27 billion) in the second quarter of 2013.