Ericsson misses profit forecasts; multimedia weak
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Ericsson  missed market forecasts for second-quarter earnings as its multimedia drive produced disappointing results and sales in its key European market stagnated, sending its shares down 3 percent.
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Samsung Electronics Co. Ltd. reported a  42 percent drop in quarterly operating profit on a slide in  mobile phone margins and falling flat-screen prices, but its  shares rose 6 percent as it predicted a turnaround.
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Telecom equipment maker Ericsson   reported on Friday lower-than-expected operating  profit of 7.6 billion Swedish crowns ($1.20 billion) in the  fourth quarter and announced major cost cuts.
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Cell phone maker Motorola Inc. on Wednesday warned of a second-quarter profit and sales shortfall, blaming poor results in its mobile devices business in Asia and Europe. The company also said it no longer expects mobile devices &#151; its largest business &#151; to be profitable in 2007.
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Samsung Electronics , the world's top memory chip maker, reported a smaller-than expected 5 percent drop in quarterly profit on Friday as a steep fall in computer memory chip prices overshadowed improvements in flat screens.
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(InfoWorld) - Samsung Electronics saw a sharp fall in operating profits during the three months from April to June due to theÂ weak marketÂ for computer memory chips. Prices of the chips, which are used for the main memory in personal computers, fell because supply exceeded demand. That hit Samsung because it's one of the world's largest makers of DRAM (dynamic RAM) chips. The company said operating profit was 910 billion won ($985 million) as of the last day of the period being reported), which is down from 1.4 trillion won ($1.5 billion) in the second quarter of 2006. Net profit, which is a wider measure of profitability and includes subsidiaries and non-core operations, was down slightly at 1.42 trillion won from 1.5 trillion won a year earlier. Net sales were up 4 percent to 14.6 trillion won. "Despite the dire business environment, such as the precipitous fall of DRAM (dynamic RAM) prices and seasonality, we have posted a decent result in Q2," said Chu Woosik, head of investor relations at Samsung, in a conference call with analysts. Profits at Samsung's semiconductor unit dropped by two-thirds as a result of the weak DRAM market. The good news, said Chu, is that the DRAM market is already starting to show signs of a turn-around, thanks to interest in Windows Vista PCs, which require more memory. During the remainder of the year the market for DRAM chips is expected to be strong, he said. Strong demand for Apple's iPhone and competing handsets are alsoÂ expected to keep up pricesÂ and profits for NAND flash memory, which is Samsung's other major memory chip product, strong. Chu said Samsung is in talks with several consumer electronics companies about supplying chips for as-yet-unannounced portable media players with video. Samsung's cellphone handset business was one of the brightest spots in the results. The company shipped a record 37.4 million phones in the quarter thanks to the popularity of its thin "Ultra" edition handsets. The second quarter was the fourth consecutive quarter in which Samsung reported record sales. As a result Samsung said it now expects to ship more than 150 million phones this year, up from its previous target of 133 million. The LCD (liquid crystal display) business enjoyed brisk business and Samsung shipped a record 2 million displays in the 40-inch and above class. Sales rose by 17 percent and operating profits surged 290 percent. Looking ahead, Chu said Samsung expects the remainder of the year to be strong for the company. "We are very optimistic about the second half," he said. "We are expecting all of our major business units to experience very high levels of demand and recovery starting from Q3. As a result of such an improvement coupled with our vigorous attempts to reduce cost, we are hoping to see significant improvements in the bottom line in Q3. We expect this nice recovery to last throughout the rest of the year." Â
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Ericsson , the world's largest supplier of equipment for mobile phone networks, reported fourth-quarter pre-tax earnings below expectations on Friday and reduced its 2007 market growth forecast.
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Agilent Technologies Inc. , the electronics and testing equipment maker, on Monday posted a higher quarterly net profit on lower charges, but it issued a forecast below expectations, citing slower orders for mobile phone handsets that use Agilent parts.
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Shares of Swedish company Ericsson  ERICY.O fell 6.8 percent before the bell Friday after the  world's biggest producer of mobile phone networks reported a  big jump in third-quarter profits but said market growth would  slow next year.
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Motorolaâs troubles worsened on Wednesday when it announced that sales and profits would fall considerably short of earlier projections.
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Swedish telecommunications equipment maker Ericsson today reported a return to net profit in the third quarter, lifted by healthy growth in its international markets.
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Ericsson, the world's biggest supplier of mobile telecommunication systems, has reported a slight drop in second-quarter net profit as the acquisition of British group Marconi in 2005 continued to weigh on earnings.
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Ericsson, the world's leading mobile networks maker, reported sharply lower results Thursday, in line with last week's profit warning that shocked investors, but said the market could touch bottom by early 2008.
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Sony Ericsson, the world's fourth biggest mobile phone maker, posted higher second-quarter sales on Wednesday but its profit and its average phone sale prices were below analyst estimates.
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Beleaguered Swedish telecom infrastructure group Ericsson, hit hard by a slowdown in the telecom sector, announced on Friday a 17-percent fall in 2007 net profit and the shedding of 1,000 jobs in Sweden.
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ERICSSON has posted a third-quarter profit in line with analyst expectations but said it expects only slight growth in mobile networks in the coming months.
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Motorola Inc  on Wednesday forecast a second-quarter loss and lower revenue and said it no longer expects its mobile device business to be profitable for the full year 2007, blaming weak sales of cell phones in Asia and Europe.