????三星的業績又一次低于預期。

????上周二（7月7日），這家韓國最大制造企業估算，今年第二季度營業利潤為6.9萬億韓元（合61億美元），比上年同期下跌4%，遠低于分析師預計的7.23萬億韓元。

????銷售額下降8%，跌至48萬億韓元，也低于52.8萬億韓元的預測值。

????這是該公司業績連續第七個季度出現滑坡。盡管三星沒有公布各項業務的具體數據，但分析師很快發現，問題出在它的旗艦手機Galaxy S6上。

????物流是原因之一。三星推出了兩款Galaxy S6手機，分別為采用平面屏幕的Galaxy S6和采用雙曲面屏幕的Galaxy S6 edge。前者的銷售情況不如預期的那么好，S6 Edge則有很高的制造難度，三星無法跟上需求的步伐。

????韓國證券公司KB Securities分析師Lee Ka-keun對美聯社表示：“三星未能妥善安排Galaxy S6系列手機最初的交貨工作是主要原因?！比堑谌夜S目前正投入生產以提高該產品產量。

????不過，另一個問題更大，而且無法輕易解決。

????在手機市場，三星在低端和高端領域雙線作戰。

????在低端市場，以小米為首的一眾中國手機廠商正在阻擊三星，這些企業甚至可以以甚至比三星還要低的利潤率發展壯大起來。

????在高端領域，三星的競爭對手是iPhone。蘋果公司推出屏幕尺寸和三星手機一樣大的iPhone后，三星就失去了一大營銷優勢。iPhone 6和6 Plus的銷量均超過預期，幫助蘋果收復了一些之前被三星Galaxy手機奪走的市場份額。

????上個月，三星證券將Galaxy S6今年的發貨量預期從此前的5000萬部下調至4500萬部。三星將于本月晚些時候披露第二季度的詳細業績。（財富中文網）

????譯者：Charlie

????校對：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.