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Samsung Misses Earnings While the Battle Continues with Apple (AAPL, SSNLF)

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Samsung Misses Earnings While the Battle Continues with Apple AAPL, SSNLF

Just after Apple’s (NASDAQ: AAPL) earnings wowed investors, Samsung (OTC: SSNLF) announced disappointing results late Thursday night.

Although year-over-year revenue rose 21 percent, they missed the analyst consensus by 0.5 percent and missed earnings by 2.4 percent, Barron's reported.

The other big news of the report was Samsung’s plans to invest $18 billion in chip and display development. According to Bloomberg, Samsung is making this investment to offset slowing demand for their high end mobile products. The phone components the company produces are used internally and sold to competitors Apple and HTC.

As expected, Samsung noted reduced demand for computers while televisions saw a six percent rise in sales. Regardless, analysts are concerned about the television division as the growth rate is falling.

Related: BlackBerry Doesn't Think it Needs Testing Staff

Despite Samsung’s mobile division now controlling 33.1 percent of the market with sales of 76 million units, Apple’s results were stunning. The American tech giant sold 31.2 million phones marking 20 percent year over year growth and record sales.

Investors were so impressed with iPhone sales, which beat analyst estimates by more than 20 percent, shares of the company jumped more than ten percent despite week Mac and tablet sales.

The two will continue to duke it out while consumers wait for newest products to be released: Samsung’s Galaxy Note III and Apple’s rumored 5S.

Shares of Samsung traded down on the Korean exchange on this report while shares of Apple also down in the pre-market to $438.50.

Posted-In: 5S BARRONS Bloomberg HTC iPhoneEarnings News Retail Sales Best of Benzinga

 

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