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Article: Samsung Profit Dips, but Shares Surge
- Article from:
- AP Online
- Article date:
- July 13, 2007
CopyrightCopyright 2007 Associated Press/AP Online. This material is published under license from the publisher through YellowBrix, Alexandria, Virginia. All inquiries regarding rights should be directed to YellowBrix. (Hide copyright information)
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SEOUL, South Korea - Samsung Electronics Co. said Friday that second-quarter net profit fell 5 percent from a year ago on price declines for its mainstay computer memory chips, but expressed confidence a rebound in the market would bolster earnings.
The company's shares surged 6.4 percent to $749 (687,000 won) amid investor expectations for stronger business performance later in the year as well as on a news report that U.S. investor Carl Icahn may be considering a bid for the company.
Samsung, the world's largest computer memory chip manufacturer, earned 1.42 trillion won ($1.55 billion) in the three months ended June 30, the company said in a statement. Sales rose 3.7 percent during ...