Samsung reports falling profits in the latest quarter

Samsung reports falling profits in the latest quarter

Samsung Electronics has come out with their latest quarterly results and the company has reported that their second-quarter net profit fell 11 percent on slack demand for its mobile phones.

However, the company is optimistic about their new range of mobile phones and hope that the future earnings would be boosted by improved demand and sales of these products.

The South Korean tech giant reported profit of 1.51 trillion won on sales of 14.1 trillion won during the three months ended June 30.

The sales improved around 3.8%. Chu Woo-sik, vice president of investor relations: “What we have achieved in Q2 was quite good. But things look much more promising in Q3 and beyond. Finally the worst is behind us, we believe.”

Samsung also reported during the conference that the sales of their mobile phones went down by around 4 percent from the same quarter last year to 4.04 trillion won and fell 8 percent from the previous quarter.