05.07.201307:51:38UTC+00Samsung earnings forecast below expectations

Samsung Electronics Co. slumped below expectation second-quarter profits amid concerns that sales of its flagship Galaxy S4 smartphone haven't been as better as anticipated.

The world's largest smartphone maker by shipments stated Friday it assumes to report a managing profit of between 9.3 trillion won (US$8.2 billion) and 9.5 trillion won for the three months ended June 30. That compares with a 6.46 trillion won managing profit a year earlier.

Sales likely totaled between 56 trillion won and 58 trillion won, increased from 47.60 trillion won a year earlier, it said.

A poll of seven analysts forecast an average second-quarter managing profit of 10.1 trillion won on sales of 58.6 trillion won.

Worries about below expectations sales of the Galaxy S4, its high-end smartphone launched in March, have already wiped out nearly $30 billion off Samsung's market worth since mid-March. Several brokerages have downgraded the company's stock and their profits forecasts for Samsung in recent weeks.

Samsung hasn't been the only smartphone maker bump by a slump in its share price. Research In Motion Ltd.'s stock plunged after the company stated on Friday it shipped far fewer new BlackBerry phones than expected, while Apple Inc. shares were among the first to taking a beating earlier this year on concerns that demand for the iPhone 5 may be tapering off.

The mobile business has been a key earnings driver for Samsung over the past year. It accounted for 74% of the company's overall managing profit in the first quarter. Samsung also makes consumer electronics including television sets and components like chips and displays.

Samsung didn't provide an estimate of its second-quarter net profit. Actual results are slated for release at the end of July, when investors will eye out for how profitable the company's mobile business has been.