Samsung profits slow after poor smartphone sales

Samsung Galaxy X

SAMSUNG'S RUN OF RECORD PROFITS looks to be coming to an end and the Galaxy S9 is reportedly to blame.

Analysts disclosed to Nikkei Friday that Samsung is now counting on its Galaxy X foldable phone to recharge its profit after the device's launch early next year. Apparently, this year's flagship is seeing the lowest sales of any Samsung flagship since the Galaxy S3 back in 2012.

Moreover, the numbers are significantly worse than the first quarter, when Samsung reported 15.64 trillion won operating profit off 60.56 trillion won sales.

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The smartphone market has been slowing down in recent quarters. Operating profit for the three-month period is expected to come in at 14.8 trillion won ($13 billion) from 58 trillion won (£39bn) in revenues.

As The Verge reports, it is believed that this is in part, due to do with sales of the Galaxy S9 waning, after booming in popularity with last year's Galaxy S8.

The iPhone X's weaker performance also affects Samsung's bottom line, as its Display division is the sole provider of those expensive iPhone X OLED panels. The device will enter mass production later this year ahead of its unveiling in the first month of 2019. The iPhone 8 was trailed by the Galaxy S9 Plus, iPhone X, Xiaomi Redmi 5A, and the iPhone 8 Plus.

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"We are preparing for foldable phones very intensely".

Expectations are high for Samsung's foldable phone, which provides a bigger display experience when not folded.

Samsung's 10th anniversary smartphone series is also thought to include a new entry-level model, so far unnamed and simply referred to here as Beyond 0.

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