Samsung Electronics’ preliminary second quarter profit hits fresh high
The Samsung exhibition stand features the prominent slogan of the South Korean company Samsung Electronics, “A new era in mobile agent artificial intelligence.”
Joan Cros | Nurfoto | Getty Images
Samsung Electronics on Tuesday reported second-quarter operating profit of 89.4 trillion won ($58.4 billion), down from 57.2 trillion won in the previous period.
Operating profit compared to the same period of the previous year was 4.7 trillion won.
Samsung shares traded nearly 5% lower at Tuesday’s open.
The tech giant reported that its revenue in the April-June period increased to 171 trillion won from 133.9 trillion won in the previous quarter.
The consequences include one-time cuts to employee bonus provisions following recent job interviews, according to analysts.
Earlier this year, Samsung agreed to drop its 1,000% base salary bonus cap and allocate 10.5% of operating profits to bonuses, bowing to weeks of protests by labor unions demanding a fair share of the company’s earnings.
