Samsung released its earnings for the second quarter of its fiscal year on Friday, and according to many analysts, the love affair with the Korean manufacturer may be coming to a close. A survey of 34 analysts had pegged the company’s earnings for the quarter at 10 trillion-won (approx. $8.756 billion USD), but the final numbers ended up being 9.5 trillion-won (approx. $8.3 billion USD) causing the stock to fall 3.8 percent on the day, its largest slide in a month.
Since early June Samsung’s stock has taken a 13 percent hit as analysts begin to believe that the smartphone market is reaching a saturation point. Speaking with Bloombergs, KTB Asset Management Co. fund manager Lee Jin Woo said, “The market’s viewpoint needs to be lowered. Having missed that 10 trillion-won number proved that the recent concern over the high-end smartphone market saturation and margin squeeze was for real.” Seeing as the stock has fallen a total of 18 percent for the year, the analysts may be on to something.
Speculation seems to be on the rise that Samsung may be hitting a lull in sales comes from the disappointment that that the Galaxy S4 only sold around 20 million units in its first 68 days. While this number looks good on the surface, it actually sell short of expectations for how well some felt the new flagship phone would do. Some analysts have speculated that consumers may be suffering from “Galaxy Fatigue” as the cell phone maker has slapped the word on all of its products across every conceivable price point.
Analysts are beginning to cut their forecasts for Samsung’s third quarter based on the performance of the three month period ending in June. It seems as though they may be prepared to throw in the towel on Samsung, but somehow we doubt the company is just going to sit back and take that.
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