
When all else fails, point fingers. That's the assessment some of Samsung's critics are making today after the South Korean tech giant announced disappointing earnings for the second quarter of 2014.
After watching Samsung miss Wall Street's expectations, investor's quickly sold Samsung's stock so aggressively that they effectively deleted $7.5 billion from the tech giant's market capitalization.
The world's biggest mobile-phone maker by shipments said net profit fell 20% to 6.25 trillion won ($6.1 billion) from 7.77 trillion won a year earlier. Revenue fell 8.9% to 52.35 trillion won. The last time the company recorded a net-profit drop on a year-over-year basis was for the third quarter of 2011.
According to the Wall Street Journal, Samsung plans to answer the earnings dip by rolling out cutting-edge new smartphones in the near future that should help the company regain some lost momentum.
Source: WSJ
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