Samsung reports record profit, but still falls short of expecations

Samsung Electronics has reported a record profit for six straight quarters but still disappointed investors who had higher expectations for the world’s largest smartphone maker.

Samsung said its April-June net profit jumped 50% over a year earlier to 7.77 trillion won (€5.2 bn).

The bottom line was lower than the market forecast of 7.96 trillion won (€5.3bn), according to a survey of analysts by FactSet, a financial data provider.

Operating profit was also at a record high of 9.53 trillion (€6.4bn) won, up 48%. Sales rose 21% to 57.46 trillion won (€38.7bn).

Samsung’s latest quarterly report indicates that its explosive profit growth driven by Galaxy smartphone sales might be slowing down. Samsung says its mobile business posted a lower profit than the previous quarter on marketing costs.