三星的业绩又一次低于预期。

    上周二（7月7日），这家韩国最大制造企业估算，今年第二季度营业利润为6.9万亿韩元（合61亿美元），比上年同期下跌4%，远低于分析师预计的7.23万亿韩元。

    销售额下降8%，跌至48万亿韩元，也低于52.8万亿韩元的预测值。

    这是该公司业绩连续第七个季度出现滑坡。尽管三星没有公布各项业务的具体数据，但分析师很快发现，问题出在它的旗舰手机Galaxy S6上。

    物流是原因之一。三星推出了两款Galaxy S6手机，分别为采用平面屏幕的Galaxy S6和采用双曲面屏幕的Galaxy S6 edge。前者的销售情况不如预期的那么好，S6 Edge则有很高的制造难度，三星无法跟上需求的步伐。

    韩国证券公司KB Securities分析师Lee Ka-keun对美联社表示：“三星未能妥善安排Galaxy S6系列手机最初的交货工作是主要原因。”三星第三家工厂目前正投入生产以提高该产品产量。

    不过，另一个问题更大，而且无法轻易解决。

    在手机市场，三星在低端和高端领域双线作战。

    在低端市场，以小米为首的一众中国手机厂商正在阻击三星，这些企业甚至可以以甚至比三星还要低的利润率发展壮大起来。

    在高端领域，三星的竞争对手是iPhone。苹果公司推出屏幕尺寸和三星手机一样大的iPhone后，三星就失去了一大营销优势。iPhone 6和6 Plus的销量均超过预期，帮助苹果收复了一些之前被三星Galaxy手机夺走的市场份额。

    上个月，三星证券将Galaxy S6今年的发货量预期从此前的5000万部下调至4500万部。三星将于本月晚些时候披露第二季度的详细业绩。（财富中文网）

    译者：Charlie

    校对：詹妮

    Samsung missed again.

    On Tuesday Korea’s largest manufacturer forecast operating profits of 6.9 trillion won ($6.1 billion), down 4% from the same quarter last year and well below the 7.23 trillion analysts were expecting.

    Sales declined 8% to 48 trillion won, short of a 52.8 trillion won forecast.

    It was Samsung’s seventh consecutive decline. And although the company didn’t break down the results by division, analysts were quick to put the blame on Samsung’s flagship smartphone series, the Galaxy S6.

    Part of the problem was logistical. Samsung released two versions of the device, one with a flat screen and one with a screen that curved on the edges. The regular S6 didn’t sell as well as expected, and the S6 Edge proved hard to manufacture. Samsung couldn’t keep up with demand.

    “The failure to manage the initial shipment for the Galaxy S6 series is the primary reason” for disappointing sales, Lee Ka-keun, an analyst at KB Securities, told the AP. Samsung is bringing on a third plant to boost production.

    There’s a bigger problem, however, that is not so easily solved.

    Samsung competes in two different handset markets: Low-end and high-end.

    On the low end, it’s getting undercut by a gang of Chinese manufacturers—led by Xiaomi—that can thrive on profit margins even thinner than Samsung’s.

    On the high end, where it competes with the iPhone, Samsung lost a key marketing advantage when Apple introduced a pair of iPhones with screens as big as Samsung’s. Sales of the iPhone 6 and 6 Plus are holding up better than expected, winning back some of the market share Apple lost to earlier Galaxy models.

    Samsung Securities last month lowered S6 shipment estimate to 45 million units this year from 50 million previously. Full results for the second quarter are due later this month.