Samsung More Upbeat Than Analysts on Q2 Earnings
Samsung’s (PINK: SSNLF) Galaxy SII will outsell any smartphone the South Korean electronics giant has previously released. It expects that by July, 10 million units will have been placed in customers hands.
It remains unconcerned about economic instabilities and supply chains eating into its bottom line, says Shin Jong-Kyun, President of IT and Mobile Communication at Samsung:
“The overall market condition was challenging due to eurozone issues and tight supply of components… but (our) second-quarter results will be better than the first quarter.”
Despite profits in Samsung’s mobile division almost tripling from January to March, analysts disagreed with Jong-Kyunn, downgrading the second-quarter earnings estimates.
Prompting the downgrades are fears that other products in Samsung’s mobile line have fallen of a cliff since the SIII’s introduction. The lowered expectations promptly sent shares to a four-and-a-half month low.