Samsung on Tuesday announced its second quarter results, and they’re just as bad as the company’s guidance promised a few weeks ago. Samsung highlighted the slow Galaxy S9 sales as one reason that explains the drop in revenue, with display panels being also a factor. Strong demand for memory chips was not enough to offset the effects of the less than stellar Galaxy S sales.

However, the company did explain in the announcement that it plans to come out with cutting-edge mobile technology and launch new form factors.

Samsung posted revenue of 58.4 trillion won ($52.1 billion) for the period, down 4% compared to last year, and operating profit of 14.87 trillion won ($13.3 billion), which is up 6%.

The company did not say how many Galaxy S9 units it sold, but acknowledged the fact that sales were slower than the same period last year and slower than the first quarter of 2018:

Amid the stagnant high-end smartphone market, the IT & Mobile Communications Division reported a drop in earnings, both year-on-year and quarter-on-quarter, over slow sales of the Galaxy S9.

Samsung also said the mobile market condition will “remain challenging” in the second half of the year amid pricing competition and new product launches, and confirmed that it’s launching the new Galaxy Note earlier as a response to that. Interestingly, Samsung said about the phone that it’ll have a reasonable price:

Samsung will seek to expand sales by introducing a new Galaxy Note earlier than usual, which offers exceptional performance for a reasonable price.

More: https://hi247.com.ng/2018/07/31/samsung-galaxy-s10-and-foldable-smartphone-launch-after-confirming-slow-s9-sales/