Samsung Stock Tanks In Seoul Even As Company Reports Record Preliminary Q2 Operating Profit of $58.4 bill

Samsung Q2 Revenue And Operating Profit Hit New Highs

Samsung said its preliminary operating profit for the April-to-June quarter reached 89.4 trillion won ($58.4 billion), up from 57.2 trillion won (or $37.58 billion) in the first quarter and 4.68 trillion won (or $3.07 billion) in the same period a year earlier.

The South Korean technology giant also reported preliminary revenue of 171 trillion won (or $11.23 billion), compared with 133.87 trillion won (or $8.79 billion) in the previous quarter and 74.57 trillion won (or $4.90 billion) a year earlier.

The results mark a sharp turnaround from last year’s performance and represent one of Samsung’s strongest quarterly showings to date.

Over the past five days, Samsung shares have fallen 12.18%, but the stock remains up 108.33% over the past six months and has surged 376.09% over the past year.