Phone sales increase contributing to 1Q economic growth…Samsung unveils foldable phones and Galaxy Ring ahead of Unpacked event, “There is a product that is being evaluated as the leading role in driving domestic consumption in the early part of this year. It’s smartphones. The Bank of Korea mentioned the ‘effect of mobile phone releases’ as one of the reasons for the significant recovery of domestic consumption in the first quarter of this year.”,
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, ‘The success of the Galaxy S24 series contributed to Samsung Electronics’ first-quarter performance amidst the recovery in the semiconductor market. The Mobile (MX) business unit reported an operating profit of 3.51 trillion won, accounting for more than half of Samsung Electronics’ total operating profit of 6.66 trillion won. With new products scheduled to be released one after another in the second half, expectations for improved performance are high.’,
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Galaxy S24 series (Photo=Samsung Electronics),
, ‘According to industry sources on the 26th, Samsung Electronics is scheduled to hold Unpacked in Paris, France on July 10 this year, which is about two weeks earlier than last year. This is a strategy similar to maximizing the first-quarter performance improvement with early releases in the first half of the year.’,
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, ‘At the second half Unpacked event, Samsung is expected to unveil AI-enabled foldable phones Galaxy Z Fold 6 and Galaxy Z Flip 6, along with Galaxy Watch 7 and Galaxy Buds Pro 3 wireless earbuds, which are debuting after 2 years.’,
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, “The new product that is drawing attention is the ‘Galaxy Ring,’ a form factor introduced for the first time. Samsung Electronics hinted at the release of the Galaxy Ring at the end of the first half of the year’s Unpacked event. The Galaxy Ring is a ring-shaped wearable device.”,
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Galaxy Ring in Silver color (Photo=Samsung Electronics),
, ‘It is analyzed that Samsung is stepping up to take the lead in the wearable market by enhancing and supplementing the health care features provided in smartwatches.’,
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, ‘While specific specs of the Galaxy Ring have not been disclosed yet, it is expected to include a large portion of health care features provided in existing smart bands such as heart rate, blood oxygen saturation, sleep management, exercise measurement, stress management, among others.’,
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, ‘Samsung Electronics’ MX business unit typically performs well in the first and third quarters when new products are launched. If the recovery in the semiconductor business and the success of the Galaxy new products align in the third quarter, a significant improvement in performance compared to the same period last year is expected.’,
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, ‘The first AI phone in Samsung’s Galaxy S24 series recorded higher sales volumes domestically and internationally compared to its predecessor. It is also evaluated to have contributed to the domestic economic growth rate.’,
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, ‘At a briefing on “1st quarter real GDP (flash)” held by the Bank of Korea last month, it was explained, “The high 1st quarter private consumption is attributed to factors such as increased external activities, the effect of mobile phone releases, and the reflection of improved consumer sentiment compared to the 4th quarter of last year.” The success of the Galaxy S24, released in February, influenced the recovery of domestic consumption in the first quarter.’,
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, ‘In fact, according to market research firm Counterpoint Research, Samsung Electronics maintained an overwhelming market share of 75% in the first quarter of the domestic smartphone market.’,
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Market share of smartphones in 1Q 2024 (Photo=Counterpoint Research),
, ‘Samsung Electronics also performed well in overseas markets with the Galaxy S24. In markets like Europe, Middle East, and Africa where it lost the top spot to Apple and Chinese companies in the fourth quarter of last year, Samsung Electronics regained its number one position in the first quarter of this year.’,
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, ‘With the introduction of new foldable phone models in the second half of the year and a variety of smartwatches, wireless earbuds, and other devices, the MX business unit’s performance improvement is anticipated. Additionally, with the improvement in the semiconductor market, which has been a drag on Samsung Electronics’ performance, a margin flow towards a better outlook is expected.’,