“Samsung Electronics Co Ltd’s shares extended falls to more than 4 percent after its second-quarter earnings estimates released on Friday failed to meet market forecasts, fuelling concerns about growth in its smartphone business,” Jungyoun Park reports for Reuters.
“Shares in Samsung Electronics were down 4.3 percent at 1.212 million won as of 10:05 p.m. ET, after falling to as low as 1.211 million won earlier in the session, a 10-month intraday low,” Park reports.
HMC Investment Securities analyst Nho Geun-Chang said on Friday, “I think Samsung spent more on marketing expenses than expected because of the launch of Galaxy S4 smartphone, which led the company’s results to miss the market consensus.”
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