Korean tech giant Samsung Electronics has announced its estimated operating profit for the second quarter and it doesn't look pretty.
It stands at 7.2 trillion won, or roughly 7 billion.one U.S. dollars falling 15 percent from the previous quarter and 25 percent compared to the same period last year.
The figure also fell far short of market expectations of 8 billion dollars and this is the first time in two years that quarterly operating profit has fallen below the 8 trillion-won-mark.
Samsung attributes its lower-than-expected numbers to the strong Korean currency as well as a slowdown in the global smartphone market growth.
Analysts however say the Korean tech giant is struggling not only against its main rival Apple but also against Chinese manufacturers who are pumping out much cheaper phones.