Electronics giant Samsung saw shares sink on Tuesday morning, despite news that the group is on track for its highest ever annual profits.
Shares sunk as Samsung’s figure for the quarterly profits missed analysts’ high expectations, disappointing investors. The group recorded profits of 15.1 million won for the previous quarter, below the 15.9 expected by analysts.
News that the group was on track for record annual profits apparently did little to boost the mood, with full-year profits expected to be 53.6 trillion won.
Outlook for 2018 also looks uncertain, with the group seeing shares fall over 10 percent from November. The group continues to operate in a competitive market, with its smartphones facing competition from cheaper companies in China, made yet more difficult by Samsung’s embarrassing recall of its Note 7 smartphone in 2016.
Samsung shares are currently trading 3.11 percent (1141GMT).
