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Things Look Gloomy Again for Samsung as Korean Analysts Cut Q3 Estimates

10. 15  PA  XTRA NEWS


It just keeps getting gloomier for Samsung by the month. According to a new Korean report today, local analysts are once again cutting their earnings estimates for the third quarter for Samsung. According to financial information provider FnGuide on September 20, the market consensus on third-quarter operating profit of Samsung Electronics, presented as of September 17 by 22 brokerage firms in Korea, stood at 6.61 trillion won. This figure is down 6.39 percent compared to the consensus made on July 17 after Samsung Electronics revealed its preliminary second-quarter results (7.06 trillion won, 24 brokerage firms).


The market consensus on Samsung Electronics' third-quarter operating profit has continued to decline, falling to 6.81 trillion won on August 17 (22 brokerage firms) from 7.26 trillion won on July 6 when Samsung Electronics' preliminary second-quarter results were not released yet.


The market consensus on Samsung Electronics' third-quarter revenue and net profit also fell to 50.17 trillion won and 5.46 trillion won, respectively, down 1.12 percent and 6.65 percent compared to two months ago.


Yuanta Securities presented the lowest third-quarter operating profit estimate of 6.6 trillion won, lowered from 6.03 trillion won presented on September 2.


So what is Samsung to do? Well for starters, they're thinking of following Apple's lead by offering their own version of a smartphone leasing program to cut out carriers, cites a new Forbes report. Yes, Samsung is "following Apple's lead" with their classic monkey see, monkey do philosophy.


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