Samsung Poised for ‘Ugly’ Quarter as IPhones Get Bigger
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Samsung Electronics Co. the world’s largest smartphone maker, is heading for its roughest quarter in years amid rising competition from Apple Inc. and China’s Xiaomi Corp.
Analysts have been cutting their profit estimates almost daily, with at least 26 of 42 tracked by Bloomberg reducing their estimates in the past four weeks. Operating profit for the third quarter is projected to plunge 47 percent, while sales are projected to fall 15 percent, according to the average analyst estimates. Both are the steepest declines since at least 2009 with Samsung to announce results tomorrow.