Samsung Electronics Co. will start selling its Galaxy Note 4 smartphone in China by the end of September, sooner than initially planned, amid persisting concerns over the companys declining earnings. The step will provide the company with a head start on Apple and its new iPhone 6 and iPhone 6 Plus models, which are currently awaiting government approval to be released in the country.
“The recent business condition is seen as temporarily difficult,” Lee Don Joo, president of the strategic marketing office at Samsung’s mobile business, said today in a statement, which was cited by Bloomberg. “There are some subsidy cut movements detected in overseas markets as well, so the overall market may shrink a bit and may have a temporary impact.”
The Galaxy Note 4 will make its debut in China by September 30th, after the handset is released in South Korea on September 26th. The new phablet, which features a 5.7-inch display, will be sold through all three state-run carriers, with a price tag of 5 199 yuan ($848) when bought through China Mobile Ltd.
Samsungs management has high hopes about the devices performance. Three weeks ago, Samsungs mobile marketing chief shared that the company will be betting on innovation with its new product. Mr. Lee also called the orders for the Galaxy Note 4 device, which started in South Korea less than a week ago, “significantly better” in comparison to the ones for Note 3.
As reported by ABCNews, Lee Don Joo also said: “Other companies are releasing smartphones with 5-inch and 6-inch displays as well but no one can easily catch up to Samsungs big screen and the unique capability of the S Pen.” S Pen is a stylus, which has become a distinctive feature for the model and one of the main reasons why the Galaxy Note series is so attractive to customers.
Samsung Electronics Co. Ltd fell by 0.95% on Wednesday in Seoul to close at KRW1 150 000 per share, marking a one-year change of -16.24%. The company is valued at KRW191.45 trillion. According to the Financial Times, the 41 analysts offering 12-month price targets for Samsung Electronics Co. Ltd have a median target of KRW1 500 000, with a high estimate of KRW2 200 000 and a low estimate of KRW1 050 000. The median estimate represents a 29.20% increase from the previous close of KRW1 161 000.
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