Samsung Elec shares extend falls to 4 pct
SEOUL (Reuters) - Samsung Electronics Co Ltd (005930.KS) shares extended falls to 4 percent after its second-quarter earnings estimates failed to meet market forecasts, reviving concerns about growth in its smartphone business.
"I think Samsung spent more on marketing expenses than expected because of the launch of Galaxy S4 smartphone, which led the company's results to miss the market consensus," HMC Investment Securities analyst Nho Geun-Chang said.
Shares in Samsung Electronics were down 4 percent at 1.264 million won, the lowest level in more than a week, as of 0.00 EDT (433 GMT).
(Reporting by Jungyoun Park; Editing by Jeremy Laurence)