During this period where the world is combating the recent pandemic, certain industries and economies have been taking a major hit. One such example is the smartphone industry, with the largest smartphone manufacturer in the world, Samsung, seeing disappointing sales number at this time.
According to a recent report, the Samsung Galaxy S20 series, which was launched earlier this year, has only sold 60 percent as high as its predecessor, the Galaxy S10 lineup. Furthermore, the shipment of the latest flagship from the South Korean tech giant could fall lower in the near future as well. The reason accredited to this fall in sales numbers is undoubtedly due to the recent Coronavirus pandemic.
As of right now, it is unknown if the rest of Samsung’s smartphone offerings are also faring just as bad but the Galaxy S20 lineup is doing worse on a global average. The company has had its shipments and sales numbers declined by 38 percent and 39 percent respectively in the first quarter of 2020 over 2019. This is a significant hit on the world leader of smartphones.
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Reportedly, Samsung had also held an informal private conference with major security firms earlier this week to discuss the dilemma. The exact details are unknown but it seems like the declining trend for its stock market value is expected to fall further in the near future. The company has already witnessed a 1.75 percent decrease in market share value as well.
Similarly, Samsung’s global PC, display and home appliances shipments are also expected to decline. However, its semiconductor business should see growth and a healthy trend as the demand for data center solutions increases. For those unaware, the Coronavirus outbreak is a global cause for alarm and has already affected upwards of 170 countries. It is highly contagious and readers are advised to take necessary precautions and stay safe.
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