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00:02Samsung Electronics shares closed nearly 7% lower Tuesday
00:06as concerns about spending and demand overshadowed record second quarter earnings, according to CNBC.
00:12The company reported preliminary second quarter operating profit of $89.4 trillion, or $58.4 billion,
00:20up from $57.2 trillion in the prior period.
00:24Operating profit is expected to jump more than 1,800% from a year earlier.
00:30Revenue for the April to June period rose to $171.1 trillion from $133.9 trillion in the previous quarter.
00:38Sales more than doubled from a year earlier.
00:41Samsung's strong quarter had already been expected by investors,
00:44so the results gave traders little new reason to buy the stock.
00:48Concerns about AI infrastructure spending, rising memory prices, employee bonuses,
00:53new chip plant costs, and SK Hynix's upcoming ADR listing also weighed on shares.
00:58For all things money, visit Benzinga.com.
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