Samsung Ships 89 Million Smartphones in Q1 2024, But Marketshare Dips

Samsung has released numbers from their Q1 2024, which resulted in 89 million smartphone units shipped, a 28% increase from the year ago quarter, reports Reuters.

Despite the increase in shipments, according to research firm Strategy Analytics, Samsung lost marketshare to increasing competition from Chinese rivals and others. Smartphone marketshare dipped to 31.2 percent, a 1.2% drop compared to last year’s quarter which was at 32.4 percent.

This was the second straight quarter where profit dropped, as the company blamed this on weakening demand in flat panel screen sales and a maturing market for high end smartphones.

Operating profit was at 8.5 trillion won ($8.2 billion USD), a drop of 3.3 percent compared to the year ago quarter. Profit in their mobile division was down 1.2 percent to 6.43 trillion won.

Samsung is putting its bets on the World Cup in Brazil as they say smartphone and TV sales are expected to increase for the event.

The problem for Samsung right now is their low-end offerings are hitting some stiff competition from Chinese-brands, while their large screen advantage over Apple’s iPhone is expected to level out as the latter is all but ready to debut larger sized models in the fall.