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Samsung promises smartphones overhaul

Company moves to quell investor fears after third straight quarter of decline in market share

IT Business, Manufacturing, Smartphone, Financial news, Samsung Electronics Company

Samsung Electronics today pledged a rethink of its smartphone offerings that will allow it to do battle in subprime segments, as the market for premium handsets becomes increasingly saturated.

According to a report from Reuters, the South Korean vendor is bracing for its worst yearly revenue and worst third-quarter profit since 2011, after three straight quarters of decline in market share. While still the global market leader in smartphones, Samsung lags Apple in the premium segment and has been overtaken by Chinese budget specialists Lenovo and Xiaomi at the mid-to-low end.

"The mid-to-low end market is growing rapidly, and we plan to respond actively in order to capitalise on that growth," Samsung senior vice president Kim Hyun-joon told analysts.

Samsung reported Q3 operating profit fell by 60.1% to KRW4.1trn ($3.9bn), as the company had previously forecast.