Samsung’s new Galaxy phone struggles amid sales gloom
Friday 05 July 2013
More and more people owning smartphones
and cheaper competition from China means Samsung’s new Galaxy phone is
The South Korean electronics giant today forecast worse-than-expected profits for the second quarter, fuelling fears over sales of its Galaxy S4 handset.
Samsung, which has teamed up with Jay-Z to give Galaxy smartphone owners his new album Magna Carta Holy Grail before its general release, has suffered a series of downgrades from brokers over the past month amid concerns that its latest handset is not selling as well as hoped.
The firm said it expects profit for the April to June period to come in at 9.5 trillion won (£55 billion) on sales of 57 trillion won, less than the 10.16 trillion won analysts had predicted.
Benedict Evans, a technology and telecoms analyst at Enders Analysis, said: “Samsung is facing increasing pressure from cheaper Chinese manufacturers and its latest flagship, the Galaxy S4, had a muted reception. Smartphones are now over half of global phone sales and growth may be starting to slow down.”
Samsung fell more than 3% on the back of the profit announcement and shares have fallen 15% since the beginning of June.
Earlier this week Samsung acquired Israeli set-top box maker and media-streaming specialist Boxee, signalling that the firm may focus on its internet-connected “smart” TVs to help drive growth.
- 1 Malaysian cyclist could face disciplinary action after 'Save Gaza' gloves protest
- 2 Is Gideon Levy the most hated man in Israel or just the most heroic?
- 3 Fifty Shades of Grey trailer provokes moral outrage from US parenting groups
- 4 McDonald’s removes chicken nuggets from the menu in Hong Kong amid major food scare
- 5 Students offered grants if they tweet pro-Israeli propaganda
Israel-Gaza conflict: Israeli targeting policy under scrutiny after shellfire hits a mother and child, a school full of refugees and a doctor’s home
MH17 crash: Investigators discover more human remains and 'huge section of plane'
Students offered grants if they tweet pro-Israeli propaganda
McDonald’s removes chicken nuggets from the menu in Hong Kong amid major food scare
Satellite full of sexually experimental geckos adrift in space, Russia loses control of mission
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
Arizona execution lasts two hours as killer Joseph Wood left 'snorting and gasping' for air
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
Malaysia Airlines MH17 crash: victims’ bodies bundled in black bags and loaded onto trains
John Barrowman praised for Commonwealth Games opening ceremony gay kiss
iJobs Money & Business
£600 - £650 per day: Orgtel: Conduct Risk Liaison Manager - Banking - London -...
£18000 - £23000 per annum + Comission: SThree: SThree, International Recruitme...
£280 - £300 per day + competitive: Orgtel: Test Analyst, Edinburgh, Credit Ris...
£20000 - £25000 per annum + OTE £40,000: SThree: SThree Group have been well e...