Despite brutal new attack from Apple, Samsung says mobile business will recover

Despite brutal new attack from Apple, Samsung says mobile business will recover

In a remarkably brief report, Reuters noted some comments made by SamsungElectronics President D.J. Lee during a press conference on Wednesday morning in South Korea. According to the report, the Samsung executive is confident that Samsung’s mobile business will recover quickly thanks to the company’s “strong fundamentals and technological prowess.” Samsung’s profit plummeted to a two-year low in the second quarter as mobile phone sales continued to slow.

The comments come at a time when questions surrounding Samsung’s near-term future mount. Apple launched a brutal new attack earlier this month with two new iPhone models that feature larger displays like the ones that have helped make Samsung smartphones so popular.

And just yesterday, Samsung’s own investment research arm stated that Samsung mobile devices have lost their appeal. “Its smartphones have lost appeal — as evidenced by the solid performances of high-end Chinese models and unexpectedly strong iPhone 6 pre-orders,” the Samsung Securities said in a note to clients.

What might help Samsung begin to rebound, as Lee promised? According to the executive, it all starts with the upcoming new Galaxy Note 4, which won’t launch until next month in most markets. In South Korea, however, the Note 4 will launch ahead of schedule, seemingly due to increased pressure from Apple’s new iPhone 6 Plus phablet.

SOURCE:

REUTERS