Stop us if you’ve heard this story before: A leading consumer electronics company on Friday revealed that it will report record earnings for the previous quarter, and its stock plummeted to new lows soon after. While Samsung’s stock market meltdown isn’t quite as dramatic as Apple’s just yet, this is certainly a familiar scenario we’re watching unfold. During Monday’s session on the South Korean exchange, Samsung shares fell as low as 1.211 million won, which Reuters notes is a new 10-month low for the stock. Of course the market reacts to what a company will likely do tomorrow, not what it did yesterday, and the recent dive Samsung’s stock has taken is a direct response to rumors that Galaxy S4 sales are slowing as demand for high-end smartphones wanes. Samsung shares closed down 41,000 won, or 3.24%, at 1.226 million won on Monday.
Samsung plunges to new low as smartphone sales slow
Published Jul 8th, 2013 4:35PM EDT
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Zach Epstein has been the Executive Editor at BGR for more than 15 years. He manages BGR’s editorial team and ensures that best practices are adhered to. He also oversees the Ecommerce team and directs the daily flow of all content. Zach first joined BGR in 2007 as a Staff Writer covering business, technology, and entertainment.
His work has been quoted by countless top news organizations, and he was recently named one of the world's top 10 “power mobile influencers” by Forbes. Prior to BGR, Zach worked as an executive in marketing and business development with two private telcos.
