Galaxy Fold brought Samsung close to a billion dollars according to latest sales numbers
With the overall feel of a prototype rather than something meant for everyday use and a price tag of $2,000, many were wondering how many units will Samsung be able to sell. Last month, the president of Samsung Electronics, Young Sohn, made the news after saying that the company sold over one million Galaxy Folds, but the company was quick to correct him.
Now, Samsung Electronics encompasses a huge number of subdivisions, so miscommunication between executives is not out of the question. But if there’s one person that should be familiar with Samsung’s smartphone sales numbers, it’s DJ Koh, president of the company’s mobile branch.
Yesterday, during CES in Las Vegas, Koh said “I think we’ve sold 400,000 to 500,000 Galaxy Fold smartphones...”, Yonhap News reports. Granted, “I think” doesn’t usually begin the most certain of statements, but we must consider that an exact number might give Samsung’s competitors a bit too much information about the success (or lack of) of the Galaxy Fold.
Even if we take the more conservative 400,000, this still means that Samsung sold at least 80% of its planned production. Earlier in 2019, it was stated that Samsung predicts it will ship about 500,000 units from the foldable phone.
While that number might not sound impressive compared to Samsung’s overall smartphone sales, at $2,000 per unit, the Galaxy Fold has brought Samsung at least $800 million in revenue, with the exact figure probably closer to $900 million. Now that's a chunk of cash that makes a difference even for the world’s number one manufacturer. Considering the multi-year research and development resources sunk into the Galaxy Fold and its profit margins (which might be thinner than you'd expect), Samsung is yet to reap the benefits of its investment.
With a new, cheaper foldable smartphone from Samsung seemingly days away from an official announcement, this emerging segment might prove far more valuable than initially expected. Who knows, by the end of 2020 the smartphone market might be different from what we’re used to.