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THE INVESTOR
February 05, 2023

Market Now

Samsung foldable phone sales double

  • PUBLISHED :December 01, 2022 - 09:51
  • UPDATED :December 01, 2022 - 09:51
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Samsung Galaxy Z Fold4 (Samsung Electronics)

Samsung Electronics said Wednesday sales of its foldable phones for corporate use more than doubled on-year, partly because more companies have adopted remote working policies in the wake of the COVID-19 pandemic.

From January to October, sales of Galaxy Z Fold and Galaxy Z Flip phones jumped by 105 percent compared to the same period in the previous year, the world's largest smartphone maker said.

The Galaxy Z Fold4 and Galaxy Z Flip4 -- the latest versions rolled out this year -- led to the sales increase, Samsung said.

As one of the reasons behind the increased sales, the smartphone maker cited that more companies are seeking new ways of maximizing productivity through technology. As many companies have introduced remote working systems amid the COVID-19 pandemic, they seek to optimize the working environment for their workers with advanced devices.

Samsung also said large screens of its foldable products also makes multitasking easier for users, while its powerful app environment makes for an optimal user experience.

Samsung’s DeX and S Pen additionally augment the user experience, allowing users to easily interact with data, drag and drop files between apps to offer a desktop-like environment on their foldable devices, the company said.

Foldable phones were especially popular in the financial services industry, where professionals need the best tools to support the complex workflow of monitoring the fast changing stock market, Samsung said.

The phones have been optimized for smooth operation of financial service apps widely used by investment experts, such as Bloomberg Professional App and DocuSign, a leading e-signature program used by 24 of the top 25 financial companies in the Fortune 500.

Samsung said it also works with IBM to optimize user experience for financial enterprise users. Many leading financial institutions work with IBM iX, an experience design partner within IBM Consulting, to develop mobile experience solutions, and Samsung works with IBM so that these solutions run smoothly on its devices.

By Jo He-rim (herim@heraldcorp.com)

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