Samsung is hatching plans to launch its new range of foldable smartphones earlier than first planned, in order to bolster its third quarter earnings.
The original plan was to launch the Galaxy Z Fold 5 and Galaxy Z Flip 5 smartphones at the company’s Unpacked event, planned for the second week of August.
According to reports from Korean publication TheElec, the company is planning to push this forward three weeks, in order to launch in July.
The hope is this will help shore up a strong third quarter, after the Korean giant posted its worst first-quarter results in 15 years.
Samsung’s operating profits for the first quarter of 2023 fell by 95 per cent, year-on-year, driven by a A$5.1 billion loss in its semiconductor division.
The company expects a weak result for its current quarter, and has cut its chip production by 25 per cent as it faces a chip glut.
Although pushing the foldables launch forward will ultimately harm its fourth quarter sales — effectively moving them to the September quarter, and causing a slowdown in the all-important Christmas period — offsetting two straight quarters of poor results is seen as more urgent for the company.