Samsung Electronics has revealed it wants to “mainstream” foldable smartphones and technology in the coming years.
The company made the statement during its latest earnings call, where it reported 20% higher revenue and 54% higher operating profit year-on-year, despite the ongoing coronavirus pandemic and the significant impact of component shortages around the world.
The firm reported operating profits of around $10.97 billion, with $55.56 billion in revenue.
Although Samsung offers a wide range of consumer electronics, it’s the company’s semiconductor efforts that serve as the main financial driver, representing more than 34% of its revenue and half of its products. The company added that demand for memory was higher than forecast, though memory sales were impacted in the same way as smartphone sales due to ongoing shortages.
Samsung is set to host its next event on August 11, where it’ll announce new phones such as the successor to the Galaxy Z Fold and Galaxy Z Flip. The company said it wanted to “solidify its leadership in the premium segment by mainstreaming the foldable category” and added that it’s working on under-the-screen camera technology. The firm also confirmed that it wanted to “mainstream” foldable technology, suggesting more affordable foldable and flip devices were coming in the years ahead.
Apple is also reportedly working on its first foldable iPhone, set for release in the coming years.
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