Low global sales of smartphones hurt profits of Samsung Electronics Co., Bloomberg reports. Company reported profit that was lower than forecasted.

Producer of Galaxy phones informed that operating income grew to 14,8 trillion won ($13,2 billion) in three months ending in June. The average estimate of Bloomberg's analytics was 15,3 trillion.

Sales of smartphones started slowing down last year after ten-year rally. However, Samsung could manage the situation thanks to memory demand. However, failure to meet Galaxy S9 sales targets as well as lower sales volumes for OLED displays to Apple finally hurt profitability.

Weakening won can help the company in the second quarter.

Shares of Samsung fell 2% today morning in Seoul. They lost more than 11% this year after reaching record highs in 2017.

It is expected that Samsung's market share will drop to 20,4% in the second quarter from 21,4% in the first quarter. Market shares of Huawei, Oppo and Xiaomi will rise.