Samsung Electronics, with 89 trillion won in operating profit, falls 2% in premarket on profit-taking

[Financial News] Samsung Electronics released preliminary second-quarter results that far exceeded market expectations, but the stock is moving lower in premarket trading. Analysts say the stronger results are being overshadowed by profit-taking after the recent surge in semiconductor stocks, with investors viewing the news as largely priced in.
According to the NextTrade premarket, Samsung Electronics was trading at 311,500 won as of 8:05 a.m. on the 7th, down 6,500 won, or 2.04%, from the previous trading day.
Samsung Electronics announced its preliminary results for the second quarter of this year on the day. Revenue came to 171 trillion won, while operating profit reached 89.4 trillion won, up 129.3% and 1,810.3%, respectively, from a year earlier.
Operating profit in particular far exceeded the market consensus of 84.5994 trillion won compiled by FnGuide, marking an earnings surprise.
Even with the better-than-expected results, the stock moved lower. The market is interpreting the decline as the result of profit-taking after the recent sharp rally in semiconductor shares, combined with the view that the earnings announcement had already been fully priced in.
Semiconductor-related stocks also weakened. At the same time, SK hynix was trading at 2,314,000 won, down 29,000 won, or 1.24%, while SK Square and Samsung Electro-Mechanics fell 0.94% and 1.37%, respectively.
Still, securities analysts are watching for the possibility that investor sentiment could improve again as the earnings season gets underway, even though short-term volatility is likely to increase.
y27k@fnnews.com Seo Yoon-kyung Reporter