Samsung to expand its premium foldable lineup, reports increase in mobile revenue

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Samsung to expand its premium foldable lineup, reports increase in mobile revenue
Samsung Galaxy Z Flip 3Rounak Jain
Despite component supply constraints across the industry, Samsung said on Thursday that it will further expand premium smartphone sales with Galaxy Z Flip3 Bespoke Edition while continuing sales momentum of the Galaxy S series.

At the same time, the company will proactively target replacement demand with competitive mass-market 5G lineup, and increase sales of device ecosystem products such as wearables, PCs and tablets.

Samsung has registered revenue increase for its mobile division from the second quarter. The IT and Mobile Communications Division posted KRW 28.42 trillion (over $24.2 billion) in consolidated revenue and KRW 3.36 trillion in operating profit (over $2.8 billion) for the third quarter (Q3).

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"Smartphone sales increased compared to the previous quarter thanks to strong sales of flagship models including Galaxy Z Fold3 and Galaxy Z Flip3, as well as enhanced mass-market lineup," Samsung said.

The company has received tremendous response in India for its new foldable line-up.

Nearly 60 per cent of the Indian consumers have gone for the pricier Galaxy Z Fold3 in India, showing a rising inclination for the big screen and productivity features among young millennial and Gen Z users.

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Dealers and retailers had said last month that they were left with no stock of Galaxy Z Series amid rising demand.

Device ecosystem products such as wearables have also continued material growth for the company.

"Looking ahead to the fourth quarter, market demand is forecast to increase quarter-on-quarter due to strong year-end seasonality, however, uncertainties over component supply are likely to persist," the company added.

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The company said that in 2022, amid uncertainties over Covid-19, the smartphone and wearable markets are expected to continue growing.

"The company will strive to achieve solid performance by strengthening the mass-market 5G lineup and device ecosystem business," it added.

Looking ahead to the fourth quarter, the company also expects higher demand for TVs quarter-on-quarter due to year-end seasonality.

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