The South Korean tech giant Samsung has informed that the company is expecting growth in double digits for the quarter ending June. This growth is expected because of the rise in sales of the 5G handsets across mid and premium price segment smartphones. A senior executive of the company has informed that the brand has a clear plan to maintain its leadership in the 5G smartphone market. In the previous quarter ending March, the company had witnessed a 9% value growth because of its S22 flagship series and A series smartphones.
Samsung’s Smartphone Business Growth
According to a report from ET Telecom, the senior vice president of MX Business, Samsung India, Raju Pullan in a statement said that the company expects to continue this momentum. He added that the company exited March with the number one position in volume and value terms and expects to see double-digit growth in the second quarter. Moreover, Counterpoint research shows that Samsung was leading the smartphone market in March 2022 with 22% shipment share and 27% revenue share.
In addition to this Samsung managed to retake its second position in the first quarter of 2022 with a 1% year-on-year decline. The company was also the best 5G smartphone selling brand for the second continuous quarter. The senior VP further informed that the industry has seen strong and significant growth with the development of 5G technologies which has become a major consideration before the purchase of a handset.
Pullan added that the company will continue to invest in the 5G portfolio and has a clear strategy to drive 5G as a whole category. He said that the industry will continue to witness the growth in coming quarters. The Vice President of Research for Counterpoint, Neil Shah said that Timely portfolio expansion with 5G capability down to M, F & A series and strong uptake of the Galaxy S22 and foldable flagship series helped Samsung grow back to the leadership position.
Furthermore, Samsung informed that Samsung Finance Plus which is its affordability program is also witnessing a strong acceptance in the rural areas as well as tier 2 and tier 3 markets which is another major reason for the growth of its smartphone business. Pullan stated that the program is seeing monthly transactions of almost Rs 500 crores.