Samsung Electronics has reported slightly higher-than-expected third-quarter revenue and operating profit, but the chip company’s profits dropped 40%.
Samsung Electronics had already issued a profit warning earlier this month due to poor performance in the chip market. Profits are lagging as the tech giant lags behind its rivals in delivering high-end chips.
Samsung has been the world’s largest memory chip maker for three decades, but is struggling with growing competition in both conventional and advanced chips. In particular, Chinese companies have increased their supply of conventional chips.
According to internal sources consulted by the South Korean publication E-Today, Samsung is considering a new high-end brand of smartphones to compete with Apple’s iPhone series. This could mean that the Galaxy name will no longer be used or will be used in a limited way.
Currently, Samsung sells all its smartphones, from entry-level to ultra-premium phones, under the Galaxy brand. This branding even extends to smartwatches and tablets.
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