Samsung told its investors to keep their optimism in check this week as it warned that intense competition in Asia’s smartphone industry is causing Samsung’s profits to take a hit.
The South Korean company offered an early second-quarter earnings guidance on Tuesday and announced that its profits may have fallen by up to 26.5 percent in the quarter.
In its announcement, Samsung said “intensified price competition” among Asia’s mobile phone manufacturers lead to the lowered revenue. The company also said it has had to spend more money on marketing efforts because of the intense competition.
While Samsung remains the market leader for smartphones and other mobile devices, the firm is meeting increasingly harsh competition from rival Apple.
In China, say reports, which remains the world’s largest smartphone market, companies including Lenovo, Xiaomi, Huawei and others are also challenging Samsung’s dominance.
Full content: eWeek
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
TikTok Faces Intense Scrutiny as US Court Hears Case to Block Potential Ban
Sep 16, 2024 by
CPI
DirecTV and Disney Resolve Dispute, Restore Programming for Subscribers
Sep 15, 2024 by
CPI
UK Antitrust Authority Raises Concerns Over Vodafone-Three Merger
Sep 15, 2024 by
CPI
Brazilian Supreme Court Lifts Freeze on Starlink Accounts, Transfers $3.3 Million to National Treasury
Sep 15, 2024 by
CPI
Steptoe Expands Antitrust Practice with Key London Hire
Sep 15, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Canada & Mexico
Sep 3, 2024 by
CPI
Competitive Convergence: Mexico’s 30-Year Quest for Antitrust Parity with its Northern Neighbor
Sep 3, 2024 by
Francisco Javier Núñez Melgoza
Competition and Digital Markets in North America: A Comparative Study of Antitrust Investigations in Mexico and the United States
Sep 3, 2024 by
Julio Garcia
Recent Antitrust Development in Mexico: COFECE’s Preliminary Report on Amazon and Mercado Libre
Sep 3, 2024 by
Alejandra Palacios Prieto
The Cost of Making COFECE Disappear
Sep 3, 2024 by
Mateo Fernández