Samsung Electronics experienced a 95 percent decline in profit during the second quarter of 2023 due to macroeconomic factors such as high - interest rates and inflation.
Moreover, report from Bloomberg showed that 18 to 29 year olds Koreans are more inclined to purchase iPhones compared to Samsung Galaxy phones.
However, Samsung predicts that the smartphone market will give the company a boost for the following months.
"For the second half of 2023, the overall smartphone market is expected to return to year-on-year growth, especially in the premium market," Samsung wrote.
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Samsung To Rely on Z Flip and Z Fold Series
Samsung reported a decreased in sales once the effect of Galaxy S23 faded from the first quarter. However, the company noted that S23 achieved higher sales compared to its predecessors, both in value and volume.
The Mobile eXperience (MX) is set to focus on the newly launched Galaxy Z Flip 5 and Z Fold 5 series while boosting the sales of Galaxy S23 and Galaxy A series.
"The MX Business intends to grow its annual revenue in 2023, while securing sold double-digit profitability through enhanced operational efficiency," Samsung promised.
Samsung's Visual Display
Although the demand for televisions waned quarter-on-quarter due to seasonal spending trends, Samsung reported that it the situation eased compared last year.
"In the second half of 2023, the Visual Display Business expects seasonal strength to ease the decline in overall TV demand amid continued uncertainties in the business environment, while the premium market is projected to remain robust," Samsung reported.
The company assured that they will continued to improved their sales through various promotional strategies.
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