July 5, 2012 / 11:36 PM / 7 years ago

Samsung Elec sees second-quarter profit at record $5.9 billion

Students walk out of a showroom at the headquarters of Samsung Electronics in Seoul October 28, 2011. REUTERS/Jo Yong-Hak

SEOUL (Reuters) - Samsung Electronics Co, the world’s biggest technology firm by revenue, estimated its April-June operating profit at a record 6.7 trillion won ($5.9 billion), powered by strong sales of its flagship Galaxy range of smartphones.

The guidance by the South Korean firm, the world’s top maker of handsets, smartphones, memory chips and TVs, was in line with an average forecast of 6.67 trillion won by 23 analysts polled by Reuters.

Samsung, which will release its full quarterly results by July 27, estimated April-June sales at 47.0 trillion won, below a 50 trillion won forecast.

Samsung shares have dropped 15 percent in the past two months amid concerns over a depressed chip market and the impact on demand for consumer electronics from a weak euro. Over the same period, the broader Korean market has fallen just over 5 percent, and gadget rival Apple has gained almost 3 percent.

Reporting by Miyoung Kim; Editing by Ian Geoghegan

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