“Samsung Electronics Co. on Friday said it would stop disclosing sales figures and forecasts for its mobile phones and tablet computers, a step it attributed to business risks and that analysts said was probably due to its continuing legal battle with Apple Inc.,” Evan Ramstad reports for The Wall Street Journal.
“When the company released second-quarter results Friday, the cellphone data were missing. And in a conference call with analysts, executives announced a “new information policy” that would reveal less data about cellphones and tablet computers,” Ramstad reports. “‘As competition intensifies, there are increased risks that the information we provide may adversely affect our own businesses,’ Robert Yi, Samsung’s chief of investor relations, said on the call. He declined a request for further explanation.”
Ramstad reports, “Apple sued Samsung in April, alleging that Samsung copied portions of the design and packaging of Apple’s iPhone and iPad when it designed similar products. Samsung countersued. However, it lost a preliminary ruling in the original case when a judge cited comments by a Samsung executive who said the company redesigned its recently released Galaxy Tab 10 tablet after seeing Apple’s iPad 2.”
Read more in the full article here.
Kelly Olsen reports for The Associated Press, “Samsung’s net profit slid 18 percent in the second quarter as weakness in semiconductors and liquid crystal displays countered the electronics giant’s growing strength in smartphones.”
“Samsung, the world’s biggest manufacturer of memory chips, LCDs and flat screen televisions, earned 3.51 trillion won ($3.33 billion) in the three months ended June 30, it said Friday in a regulatory filing. Samsung earned 4.28 trillion won the same period last year,” Olsen reports. “et profit slumped 30 percent in the first quarter amid declines in memory chip prices and reduced profitability in LCDs and TVs.”
Olsen reports, “The bright spot in the second quarter continued to be mobile phones. Revenues in the company’s mobile communications business, which includes phones, rose 45 percent from the year before.”
Read more in the full article here.
[Thanks to MacDailyNews Reader “Edward Weber” for the heads up.]