Tue, 31 Mar 2020

SEOUL, South Korea - Samsung Electronics has denied media reports that it has sold a million Galaxy Fold smartphones in the last three months.

The product was launched in September this year.

While speaking at a Disrupt Berlin conference run by TechCrunch, Samsung Electronics President Sohn Young-kwon told attendees his company has sold 1 million Galaxy Folds in the 3 months since it's launch, double the industry's earlier estimate.

"And I think that the point is, we're selling a million of these products," Sohn said. "There's a million people that want to use this product at $2,000."

But, according to the Yonhap news agency, a Samsung spokesman has said this is not correct. Sohn may have confused the figure with the company's initial sales target for the year, emphasizing that sales of the company's first foldable handset has not reached 1 million units.

Earlier, Samsung said it expected to sell 500,000 Galaxy Fold phones globally this year.

Many analysts previously expected that Samsung would sell about 400,000 to 500,000 units of the foldable phone this year, the Yonhap report said.

The Galaxy Fold, which has a 7.3-inch screen that users can fold horizontally like a book, officially went on sale in September with a price tag of around $2,000.

Industry insiders said Samsung's foldable phone sales will pick up next year, with a possible 6 million units sold in 2020.

According to Yonhap, it is rumored that Samsung will unveil its new clamshell-style foldable smartphone in February 2020 alongside its Galaxy S11 series.

"Samsung is expected to sell six million units of its foldable phone in 2020, and 20 million units in 2021," Choi Bo-young, an analyst at Kyobo Securities, said. "Prices of foldable phones are expected to go down gradually, and this would push up demand for foldable handsets."

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