July 5, 2013 / 1:21 AM / in 4 years

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.

A man holding an umbrella walks past an advertisment promoting Samsung Electronics' Galaxy S4 in Seoul July 4, 2013. REUTERS/Kim Hong-Ji

    “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

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