Samsung posts 5.9-bln-USD operating profit in Q2

Samsung Electronics posted 6.9 trillion won (5.9 billion U.S. dollars) in operating profit in the second quarter, missing market estimates on weak demand for Galaxy S6 smartphones, a regulatory filing showed Thursday.

The second-quarter operating profit was up 15.36 percent from the prior quarter, but it was down 4.03 percent from a year earlier. It also missed market expectations, sending Samsung shares to decline 1.66 percent as of 9:18 a.m. local time in Seoul trading.

Revenue slid 7.29 percent from a year earlier to 48.54 trillion won in the quarter, and net income fell 7.97 percent to 5.75 trillion won.

The worse-than-expected earnings came as Samsung failed to provide sufficient curved screens for the Galaxy S6 Edge model due to the misreading of consumer demand while losing its smartphone market share in China to its rivals Xiaomi and Huawei. Enditem