A Samsung Galaxy Z Fold 5 smartphone, left, a Galaxy Z Flip 5 smartphone during the Galaxy Unpacked event in Seoul, South Korea, on Wednesday, July 26, 2023.
Both DRAM and NAND flash memory chips also saw "more limited price drops" which improved second-quarter performance, compared with the first quarter, Samsung said.
Weak electronics demandSamsung said that overall mobile phone market demand declined from the first quarter due to continued macroeconomic challenges such as inflation.
Inflation has led to consumers cutting back on purchases of these goods, driving down prices for memory chips.
Focus on premium foldable phonesSamsung said it will focus on the newly launched high-end Galaxy Z Flip 5 and Galaxy Z Fold 5 series to cement its leading position in the global foldable smartphone market.
Persons:
SeongJoon Cho, Nabila Popal, Bryan Ma
Organizations:
Samsung, Galaxy, Apple Inc, Bloomberg, Getty, International Data Corporation, Micron, SK Hynix, IDC
Locations:
Seoul, South Korea, China