The brand does now face more well entrenched competition in the form of OPPO, Honor, Xiaomi, and vivo among others, but frankly speaking, the market isn’t in the best condition., the global smartphone market declined 14 percent year-on-year in the first quarter of 2023.and it seems to have persisted into the second quarter. Revenue across the board is down 6 percent compared to the first quarter and this drop is largely due to a decline in smartphone shipments.
Samsung says, “the Galaxy S23 series was able to achieve higher results than its predecessor in the first half, in terms of both volume and value”. That interest didn’t extend into the second quarter though and both high interest rates and inflation kept folks from buying new Samsung handsets. This isn’t great news for a brand that just launched two foldable smartphones aimed at a younger market. Whether this gamble will pay off remains to be seen but if the last six months are anything to go on, Samsung is in for a hard quarter.