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Samsung Electronics drops $12bn in market value as Galaxy S4 sales slow

By Angela Haggerty | Reporter

June 7, 2013 | 2 min read

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Samsung Electronics dropped $12bn in market value on Friday, thought to be related to slowing sales of the Galaxy S4 smartphone.

Smartphone: The Galaxy S4 launched in April

Smartphone: The Galaxy S4 launched in April

The news follows the recent introduction of two stripped-down versions of the smartphone, which sparked fears that profit margins could be hit.

The Galaxy S4 launched in April and became the brand's fastest-selling smartphone. However, the US rollout of the device was hit by delays after 'overwhelming' global demand, prompting concerns sales could be affected.

Shinhan Investment Corp analyst Kim Young-chan told Reuters that sales of high-end handsets were lagging behind expectations, while low to mid-end handsets were selling well.

"As the portion of low to mid-range handsets is expected to increase in Samsung's overall mobile phone business, this has also sparked concerns about thinning margins and lower growth," he told the news agency.

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Samsung is a South Korean multinational conglomerate headquartered in Samsung Town, Seoul. It comprises numerous affiliated businesses, most of them united under the Samsung brand, and is the largest South Korean chaebol.  

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