The world's biggest smartphone maker by shipments said Friday it expects an operating profit of between 9.3 trillion won and 9.7 trillion won ($8.2 billion and $8.5 billion) for the three months ended June 30. That represents growth of 44% to 50% from the 6.46 trillion won in operating profit posted a year earlier, and a slowing from the 54% rise in operating profit in the first quarter. Sales are expected to come in between 56 trillion won and 58 trillion won, up by 18% to 22% from 47.60 trillion won a year earlier.
Samsung shares dropped 3.9% on the news lowering the company's market cap by $6.5 billion. The company has lost $32.7 billion in market cap since mid-March when reports started to emerge of weaker than expected Galaxy S4 sales.