Samsung Drops on $2.8 Billion Won Profit-Cut Prediction
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Samsung Electronics Co. fell to a two-month low in Seoul trading after forecasting a slowdown in smartphone demand and predicting that a stronger currency may cut operating profit by 3 trillion won ($2.8 billion) this year.
The world’s largest maker of mobile phones, TVs and computer-memory chips dropped 2.5 percent after stoking concerns about the smartphone market triggered by an Apple Inc. share plunge yesterday. The forecast also overshadowed a better-than-expected 76 percent jump in quarterly net income.