Samsung Says It Will Refocus on Low-Cost Devices
Oct 30, 2014, 8:06 AM by Eric M. Zeman
Samsung today indicated it plans to tackle anew the entry-level and mid-range smartphone segments after reporting a 60% drop in profits for its most recent financial quarter. The weakened profits reflects sluggish sales of its high-end smartphones, such as the Galaxy S5 and Note 4. Samsung's hold on the smartphone market has sunk three quarters in a row, forcing the company to reevaluate its strategy. "The mid-to-low end market is growing rapidly, and we plan to respond actively in order to capitalise on that growth," said Samsung Senior Vice President Kim Hyun-joon. The company said it would boost the appeal of its entry-level and mid-range devices by improving materials and features, while remaining competitive on price. Samsung has lost marketshare to low-cost rivals such as Xiaomi and Meizu in emerging markets, which represent the best opportunity for growth. The company recorded $3.9 billion in profits thanks to sales of televisions and memory chips.
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