UPDATE: Samsung Q2 Net Profit Drops 19.6%

Samsung Electronics Co

reported a 19.6% drop in its second quarter net profit. The Suwon, South Korea-based company posted a quarterly net profit of 6.25 trillion won ($6.1 billion), versus a year-ago profit of 7.77 trillion won. Its revenue declined 8.9% to 52.35 trillion won. The company's operating profit dropped 24.6% y/y to 7.19 trillion won. Its earnings for cellphones and telecom equipment tumbled to 4.42 trillion won versus 6.28 trillion won. Samsung's operating profit at mobile division slipped 30%. In the second quarter, the company sold 95 million phones and 8 million tablet computers. According to IDC data, Samsung shipped 74.3 million smartphones in the second quarter. Kim Hyun Joon, senior vice president of Samsung's mobile strategic planning team said, “We will more aggressively respond to the low- to mid-end smartphone market in China, which is growing rapidly now.” Samsung's shares closed at $1,400.00 yesterday.