Samsung Electronics Falls 5.5% Despite Second-Quarter Earnings Surprise

Samsung Electronics Co. shares slumped in early trading on July 7 even after the company reported record 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 fell more than 6% earlier in the session, briefly dropping into the 290,000-won range.

Samsung Electronics said in a filing the same day that preliminary consolidated operating profit for the second quarter surged 1,810.3% from a year earlier to 89.4 trillion won. That exceeded elevated market expectations of 85 trillion won. Even so, the stock appeared to be falling on profit-taking after investors digested the earnings results.

Go Jeong-sam, Hankyung.com reporter jsk@hankyung.com