Samsung's `Shock' Profit Estimate Miss Fails to Drag Shares

Samsung's `Shock' Profit Estimate Miss Fails to Drag SharesThe stock fell as much as 2.1 percent only to erase that loss and climb 1.2 percent, with some analysts saying the bleak results on slumping chip demand have largely been factored in. The South Korean company reported preliminary operating income dropped to 10.8 trillion won ($9.65 billion) for the period that ended in December, missing the average analyst estimate compiled by Bloomberg by 22 percent. Samsung shares lost 24 percent last year, capping its worst performance since 2000, as the stock took a beating from sliding chip prices and a slowdown in fresh smartphone demand.

Tags: Science, Samsung, Bloomberg