Samsung feels the burn! Shares plummet 15%!
With all the smartphones Samsung has been launching, you’d think it had a big chunk of the smartphone industry in its pockets even with Apple being its biggest competition.
Apple just announced a new record of ten million units being sold in its first weekend sales of the year for the iPhone 6 models. However, the South Korean tech giant has hit its all time low in the past two years according to Business Week. With projections recalculated, the profit estimation of the company has been lowered as well.
According to reports, Samsung shares have plummeted 15% this year. That translates into a total loss of $30 billion from company’s market value. Whether the tech tycoon will be able to regain its footing with Galaxy Note 4 is yet to be seen. Nevertheless, the company better look into the problems causing this drop and fix them before this becomes a permanent downfall.