Samsung Electronics Slides 5.5% Despite Second-Quarter Earnings Surprise

Samsung Electronics Co. shares fell sharply in early trading on July 7 despite the company reporting preliminary second-quarter earnings that topped market expectations.

As of 9:34 a.m., the stock was down 17,500 won, or 5.5%, from the previous session at 300,500 won. It dropped more than 6% earlier in the session, briefly falling into the 290,000-won range.

Samsung said in a regulatory filing that preliminary consolidated operating profit for the second quarter surged 1,810.3% from a year earlier to 89.4 trillion won ($64.8 billion). That exceeded elevated market expectations of 85 trillion won ($61.6 billion). Even so, the shares appeared to be falling as investors took profits after the earnings release.

Ko Jung-sam, Hankyung.com reporter, jsk@hankyung.com