“Samsung Electronics Co Ltd on Thursday offered a downbeat outlook for the second half of the year as smartphone market growth slows and ahead of the expected release of new iPhones from arch rival Apple,” Se Young Lee reports for Reuters.
“Samsung’s dominance is being chipped away at the low-to-mid end by Chinese rivals such as Huawei Technologies Co Ltd and in the premium segment by Apple, while some markets show signs of saturation,” Lee reports. “‘I don’t think there’s much to expect from Samsung in the third quarter,’ said fund manager Park Jung-hoon at HDC Asset Management.”
“Samsung’s mobile business booked a 38 percent decline in April-June operating profit,” Lee reports. “New iPhones in September would limit Samsung’s third-quarter sales growth, analysts said… Samsung shares were down 3.5 percent as of 0426 GMT, near their lowest since November 2014.”
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MacDailyNews Take: Arch rivals. Puleeze.
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