Samsung shares have fallen after JPMorgan cuts profit outlook.
The analysts said weak demand in Europe for Samsung’s flagship Galaxy S4 smartphone was likely to impact earnings and it expects S4 shipments this year to be 20 to 30 per cent lower than in its previous forecast.
Samsung was expected to ship 7 to 8 million units per month from July. Last month the firm announced that it has sold 10 million within a month of the phone’s launch. But JPMorgan has said Samsung’s peak-quarter number was way below previous estimates.
JPMorgan has lowered its 2013 earnings forecast for Samsung by 9 per cent.
Samsung shares fell as much as 5.5 per cent in early trade in Seoul to a four-month low of 1,438,000 South Korean won.