Sales of Samsung’s latest flagship series Galaxy S20 are below those of its predecessor as the global new coronavirus pandemic has led to a slump in demand for consumer products, reports Yonhap News.
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The Galaxy S20 series is estimated to have only 60% of the sales of the Galaxy S10 5G series so far, according to sources from local mobile carriers.
While the company has estimated the sales were roughly 80% of the Galaxy S10 5G series. The reason for low sales was the COVID-19 pandemic, which led to economic jitters around the globe.
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Samsung is estimated to have an operating profit of around 2.5 trillion won (US$2 billion) or below for the first quarter from the IT & mobile communications division, which oversees the smartphone business.
The company will deliver its finalized earnings report later this month. Samsung’s operating profit from the sector reached 2.9 trillion won in the third quarter of 2019, which slipped to 2.5 trillion won a quarter later.
Industry tracker Strategy Analytics earlier said global shipments of smartphones are estimated to reach 1 billion units, revising down its previous estimate of 1.3 billion units.
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