Samsung has overnight released its Q3 2018 report where it stated that it has posted a 17.57 trillion Korean won (US$15.45 billion) operating profit. Whilst it is great to see Samsung flourish at a time of slow growth and an extremely highly competitive market, it would seem its mobile division isn’t travelling all that well and is a concern for the company going forward.

Samsung’s highest earning division was its chip business which brought in 13.65 trillion won (US$12 billion) in operating profit for the quarter, however its mobile division brought in a measly 2.2 trillion won ($1.9 billion won). Samsung have stated the reason for this low profit is from decreased sales of mid- to low-end products and increased marketing costs.

It’s because of this, Samsung has stated that it changing its low- to mid-range phone strategy to attract a millennial audience while also boldly stating it will be launching a foldable 5G enabled smartphones as well, although no time frame for this was provided for by the company.

There have been rumours of a foldable smartphone for a while now and we could possibly get a sneak peak at such a device during next weeks Samsung’s Developer Conference 2018 next week which is being held in the Moscone West Convention Centre in San Francisco. We will of course be watching developments there very closely for any such announcements.

Samsung has also stated that it will also be planning to bring the flexible and foldable displays for cars and larger devices such laptops to help grow its OLED business in 2019.

Given there have been rumours that Samsung would be changing and possibly looking at re-branding its Galaxy S line up for 2019, along with the changes to its low to mid range devices and bringing foldable smartphones and displays for next year, its certainly shaping up like a year of significant change and reinvention for Samsung.

Source: Samsung.
Via: Engadget.