Samsung has dismissed claims by analysts that sales of its flagship Galaxy S4 are failing to meet expectations, with the electronics giant claiming the device is selling "well".
The dismissal came courtesy of CEO Shin Jong-kyun, who said analysts were merely adjusting their own previously overheated expectations for the handset.
The numbers game
"I can say sales of the Galaxy S4 smartphone are fine. Its been selling well," Shin Jong-kyun told reporters.
"The report was based on its own analysis. Probably, the bank may have corrected its previous bullish estimate about the S4 sales."
The report Shin Jong-kyun referred to - released by J.P. Morgan advised investors that orders for the Galaxy S4 had been cut by as much as 30 percent, with sales of the handset failing to grow at the rate predicted by many.
Samsung shares quickly fell following the issue of the note last Friday, hitting a four month low.
The bank expects Samsung to ship 7 to 8 million phones a month from July, leading to a grand total of around 60 million units shipped. That's some way down on Samsung's own target of 100 million.
Nevertheless, initial sales of the device were impressive, with 10 million shipped during its first month on sale.
[source: The Korea Times]
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