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  • Disappointing Samsung Forecast Prompts Wall Street Pummeling


    Samsung saw plenty of post-Independence Day fireworks today on Wall Street. And the South Korean electronics giant isn't celebrating it. Apple's leading tech rival saw its shares tumble close to 4 percent today after the company missed quarterly earnings forecasts.

    The sell-off took place despite the optimistic news that Samsung enjoyed 47 percent rise in April-June operating profit to a record $8.3 billion.

    The guidance, released ahead of full quarterly results due on July 26, was worse than an average forecast of 10.16 trillion won in a poll of 43 analysts by Thomson Reuters I/B/E/S.
    "The slowdown in its handset business appears to be worse than expected and the disappointing result simply reindorses the market view that Samsung's smartphone growth momentum is slowing," Lee Sei-chul, an analyst at Meritz Securities, tells Reuters. "But it's got the component side of the business, which is showing solid improvements, and new handset product lineups for the third quarter, so (overall) earnings are likely to grow again in the current quarter."

    Samsung, however, wasn't alone today as a top smartphone maker that managed to disappoint Wall Street. HTC was the other Asian cell phone manufacturer indicating that growth may be slowing. Both Samsung and HTC's second-quarter outlooks disappointed financial analysts, the bulk of whom thought that recent high-end smartphone launches from each company would propel earnings and outlooks to record heights.

    Source: Reuters
    This article was originally published in forum thread: Disappointing Samsung Forecast Prompts Wall Street Pummeling started by Michael Essany View original post
    Comments 10 Comments
    1. steve-z17's Avatar
      steve-z17 -
      Figures.
    1. bencjedi's Avatar
      bencjedi -
      Sounds like the AAPL stock I owned not long ago. Convinced the market is manipulated by always 'missing' targets (when they had awesome profit?). Homey is not playing that anymore!
    1. Carvensno's Avatar
      Carvensno -
      The problem is people today play the market or buy stocks for daily/weekly(short term) basis. everyone wants there money now, instead of investing long term(for retirement).
    1. Norb's Avatar
      Norb -
      Quote Originally Posted by bencjedi View Post
      Sounds like the AAPL stock I owned not long ago. Convinced the market is manipulated by always 'missing' targets (when they had awesome profit?). Homey is not playing that anymore!
      LOL "they were accurate with their predictions how much they are going to sell! Dump the stock!"
    1. fleurya's Avatar
      fleurya -
      Quote Originally Posted by bencjedi View Post
      Sounds like the AAPL stock I owned not long ago. Convinced the market is manipulated by always 'missing' targets (when they had awesome profit?). Homey is not playing that anymore!
      Or you can play along by shorting the stock or buy when you see negative results and wait for it to inevitably creep back up at least close to where it was in a "market correction" or "normalization". I call all that "arbitrage" used by the huge investment firms that make a killing by partly manipulating markets through massive selloffs and buybacks.

      You can play the game too, if you have the wallet for it and get the timing right.
    1. Norb's Avatar
      Norb -
      Quote Originally Posted by fleurya View Post
      Or you can play along by shorting the stock or buy when you see negative results and wait for it to inevitably creep back up at least close to where it was in a "market correction" or "normalization". I call all that "arbitrage" used by the huge investment firms that make a killing by partly manipulating markets through massive selloffs and buybacks.

      You can play the game too, if you have the wallet for it and get the timing right.
      This is exactly what happens. I can't believe it's legal.
    1. stolenpentium's Avatar
      stolenpentium -
      Is this still a "tech" forum, or WSN?
    1. jOnGarrett's Avatar
      jOnGarrett -
      Quote Originally Posted by steve-z17 View Post
      Figures.

      Forbes: December 20th., 3 months after the iPhone 5 was released. Apple: Do iPhone 5 Production Cuts Suggest Soft Demand? - Forbes

      Wall Street Journal: January 14th 2013: Apple Cuts iPhone 5 Production, Stock Falls: Is the Age of Apple Over? | Daily Ticker - Yahoo! Finance

      Reuters: January 2013 Apple Cuts Orders for iPhone 5 Parts on Weak Demand: Reports

      The Independent: January 2013 Apple ‘cuts order for iPhone5 parts’ after weak sales but Samsung powers on after selling 100m Galaxy S devices - Business News - Business - The Independent


      April 2013: Apple stock prices drop due to weak iPhone 5 demand. Apple shares drop to 16-month low | Technology | The Guardian

      June 2013: Apple stock falls below $400 for the second time. Apple shares close below $400


      Sh!t Happens.
    1. vinaygoel2000's Avatar
      vinaygoel2000 -
      Finally Garrett acknowledged that Samsung is in deep sh!t.
    1. Carvensno's Avatar
      Carvensno -
      Quote Originally Posted by vinaygoel2000 View Post
      Finally Garrett acknowledged that Samsung is in deep sh!t.
      Know whats sad??? I think he spends more time bashing on here than supporting other android sites!!!