Samsung Electronics targeted a push on high-end mobile device sales in the second half of 2022 led by fresh foldable models, as economic uncertainty was expected to continue to sap demand in the wider smartphone market.
In its Q2 results statement, Samsung explained it expected flagship sales and a push on multi-device experiences to drive its mobile experience (MX) division for the remainder of 2022.
Along with launching its latest foldable devices, expected in early August, Samsung is continuing in pursuit of “mainstreaming of the foldable products as a key category in the premium segment”. This includes improving customer experience on the form factor by collaborating with partners.
The company also cited plans to continue to chase improved “operational efficiency” as a way of maintaining profitability in the face of market uncertainties it expects to persist for some time.
Samsung noted its MX division had suffered increased costs for components and logistics in Q2, however supply disruptions experienced earlier in the year had been mostly resolved.
It added the company had recorded “solid” sales of the Galaxy S22 range and Galaxy Tab S8 series.
Revenue for the segment was KRW28 trillion ($21.5 billion), up 31 per cent year-on-year. Net profit is not broken down by division, but it noted operating profit for its MX and mobile network segments combined was KRW2.6 trillion, down from KRW3.2 trillion in Q2 2021.
Across the whole business, Samsung Electronics reported revenue of KRW77.2 trillion (up 21 per cent) and net profit of KRW11.1 trillion, up from KRW9.6 trillion.