Samsung Warns of Slowing Growth in Key Markets Amid Uncertainty

Samsung Warns of Slowing Growth in Key Markets Amid Uncertainty

Foto: Fotolia

Samsung sees growth slowing in key markets and uncertainties increasing around trade protectionism and currency fluctuations, according to Bloomberg. In his annual New Year’s speech, Samsung Vice Chairman and Co-Chief Executive Officer Kwon Oh-hyun urged employees to learn from costly failures as the consumer electronics giant seeks to recover from 2016’s bruising debacle surrounding the Note 7 smartphone.

“We should not compromise with even the tiniest problems in product quality,” Kwon said at the company’s headquarters in Suwon, South Korea. “Let’s recover our pride by improving manufacturing processes and safety inspections.” The Note 7’s tendency to catch fire prompted a global recall and the marquee product was eventually scrapped. The fiasco cost the world’s largest smartphone maker more than $6 billion and pushed profits at its mobile business to a record low in the third quarter.

The company was also embroiled in allegations being investigated by South Korean prosecutors that the merger of its two affiliates in 2015 may have received favorable government treatment. While Samsung has been battling these kinds of challenges, its rivals have been focusing on and investing in key future technologies such as artificial intelligence and big data, Kwon said. He asked employees to help the company widen its technology leadership through continued innovation and business enhancements.

More from category

Foxconn Dangles $10 Billion Tech Investment to Create U.S. Jobs

Foxconn Dangles $10 Billion Tech Investment to Create U.S. Jobs

24 Jun 2017 comment

Foxconn chairman Terry Gou is intent on building Group’s international footprint, according to Bloomberg.

Facebook and Google Face Legal Pressure to Curtail Extremism

Facebook and Google Face Legal Pressure to Curtail Extremism

24 Jun 2017 comment

European leaders struck by a wave of terror attacks are putting added pressure on technology companies including Facebook, Twitter and Google to weed out extremist content spread with social media, and to make their data available to law enforcement authorities, according to Bloomberg.

Uber Is Adding Tipping Option in App After Driver Unrest

Uber Is Adding Tipping Option in App After Driver Unrest

24 Jun 2017 comment

After CEO Travis Kalanick has stepped aside, Uber is making big concessions to clean up its image and keep drivers from defecting, according to Bloomberg.