Samsung Electronics has tipped the smartphone market to recover to 2019 levels during second half of the year, despite continued supply chain issues.
Amid improved profits, the electronic giant has revealed it is targeting to take its fledging foldable devices segment mainstream and expand its mass-market 5G options.
In its second quarter results statement, Samsung noted its earnings from smartphones had been hampered by weak seasonality alongside a resurgence of Covid-19 related issues.
As with other electronics companies, it suffered chip supply issues, but also had production disruptions at one of its major factories in Vietnam.
However, Samsung’s mobile unit was bullish on the second half of the year, pointing to an aim to “solidify leadership in premium segment” by bolstering its foldable range and continuing to push its Galaxy flagships.
In the electronic giant’s broader business, which comprises a range of consumer devices, components and other electronics, it booked an expected increase in earnings for Q2.
Samsung made a net profit of US$8.4 billion), up from US$4.9 billion in Q2 2020. Revenue was US$55.5 billion, a 20 per cent increase.
Revenue from its mobile segment increased 8 per cent to US$18.65 billion, though improvements here were outstripped by big increases in its consumer electronics (which excludes mobile and IT) and semiconductor segments.