Samsung says the Galaxy S24 series is outselling the Galaxy S23 by at least 10%

Summary

• Samsung continues to dominate the smartphone market despite only offering small refinements with its latest smartphones.
• Samsung’s recent Galaxy S24 series saw impressive sales and double-digit growth from last year’s models.
• Samsung plans to increase revenue by expanding flagship smartphone sales and optimizing product specifications.

It’s not hard to understand why Samsung has been dominating the smartphone segment for so many years. And while its recent phones only bring iterative changes, it’s clear to see that small refinements, along with increased reliability, seem to be important drivers for consumers. Earlier this year, Samsung introduced its Galaxy S24 series handsets, and sales were good, allowing it to, once again, take the crown as the world’s largest smartphone maker.

And while analysts have backed up these impressive sales numbers for the first part of 2024, Samsung has now shared its own results, indeed confirming that business has been good all around, including its smartphone segment. The details of its business were shared through Samsung’s official newsroom, providing insight into where it stands for the first two quarters of the year.

Samsung’s once again having a pretty good year

When it comes to its smartphones business, which is under its Mobile eXperience (MX) segment, the brand shared that it “posted KRW 27.38 trillion in consolidated revenue and KRW 2.23 trillion in operating profit for the second quarter.” And while overall business declined, the brand’s latest Galaxy S24 series “achieved double-digit year-on-year growth in both shipments and revenue” compared to the Galaxy S23 series.

Despite this, Samsung does expect that demand for smartphones to increase in the second half of the year. Of course, it’s easy to see why this prediction has been made, as the brand recently launched its new foldables, which are expected to drive high demand thanks to the various promotions that are available for the Galaxy Z Fold 6 and Z Flip 6. The brand also shares that its demand for smartwatches and smart rings should go up as well.

Furthermore, Samsung does share that it plans to increase revenue “by expanding sales of flagship smartphones and ecosystem products.” And that it wants to “ensure solid profitability by optimizing product specifications, including component standardization and pursuing operational efficiencies.” As you can imagine, this is great news for Samsung, but it could once again mean that things could be a little boring when looking towards future smartphones by the brand.

Of course, the brand doesn’t only deal with smartphones, and also has its hands in many different parts of the tech industry. Perhaps one of its largest segments has to do with the brand’s memory and SSD production, which is doing well. Samsung also provides many of the world’s top brands with display panels, like OLED screens for smartphones, monitors, and more.

Overall, Samsung is having another good year, but this shouldn’t come as a surprise. But it will be interesting to see whether the brand will be able to maintain its dominance, considering that Apple is expected to launch its next generation smartphones towards the end of the year. With that said, Samsung does have a leg up on Apple, as it has yet to introduce a foldable phone to the market.