Samsung Electronics President Kodongjin: "Smartphone Market Expected to Shrink Due to Corona"

Kodongjin, CEO of Samsung Electronics (from the left), Hyunseok Kim, CEO of Samsung Electronics, and Kinam Kim, Vice Chairman and CEO of Samsung Electronics, are attending the 51st Annual General Meeting of Shareholders of Samsung Electronics held at the Suwon Convention Center in Yeongtong-gu, Suwon-si, Gyeonggi-do on the morning of the 18th. Photo by Jinhyung Kang, Suwon aymsdream@

[Asia Economy Reporter Changhwan Lee] Samsung Electronics has forecasted that the smartphone market will shrink this year due to the novel coronavirus disease (COVID-19). Despite the challenging business environment, Samsung Electronics emphasized its plan to lead the market through differentiated premium products.

On the 18th, Koh Dong-jin, CEO of Samsung Electronics (President and Head of the IM Division), stated at the 51st Annual General Meeting of Shareholders held at the Suwon Convention Center in Yeongtong-gu, Suwon-si, Gyeonggi-do, "The smartphone market is expected to contract this year due to the impact of COVID-19, while demand for 5G smartphones is projected to grow."

Koh added, "Samsung Electronics plans to expand its 5G lineup from flagship models to the A series in the wireless business and strengthen cooperation with global partners to build an expanded service ecosystem."

He continued, "We intend to lead the market through differentiated premium products," explaining, "The recently launched 'Galaxy S20' series is equipped with the largest image sensor ever and incorporates AI (artificial intelligence) to enable clear high-definition shooting in any environment. The 'Galaxy Z Flip,' which folds vertically, offers a compact design with strong portability and provides a user experience optimized for a new form factor."

Regarding performance, Koh stated, "Last year, the IM (IT & Mobile) division achieved sales of 107 trillion won, showing slight growth compared to the previous year despite the difficult environment of slowing global economy and mobile market growth, while operating profit decreased to 9.3 trillion won compared to the previous year."

He emphasized, "Samsung Electronics solidified its leadership in 5G mobile communications by achieving the world's first commercialization of 5G with the launch of the 'Galaxy S10 5G,' the world's first 5G smartphone, last year. Additionally, we opened a new mobile category by introducing the innovative foldable smartphone 'Galaxy Fold,' which satisfies both large-screen experience and portability."

Koh said, "The network business plans to lead next-generation communication technology and innovation in the 5G era through proactive 5G technology development," adding, "Based on 5G 'end-to-end solutions' from chipsets to devices and network equipment, and leveraging domestic experience in nationwide 5G commercialization, we will actively promote overseas 5G business."

He further stated, "Samsung Electronics plans to bring significant changes to consumers' lives and provide new experiences through the convergence of 5G, AI (artificial intelligence), and IoT (Internet of Things) technologies in the era of the Fourth Industrial Revolution," concluding, "As an industry leader, despite fierce market competition and uncertainties in the business environment, we will lead the next decade with the latest technologies and innovative products."

This content was produced with the assistance of AI translation services.