Samsung CEO fears tough year ahead

With increasing competition in the smartphone market and weak global economic conditions, Samsung- one of the world’s biggest electronics giants is getting set for a tough year.

Kwon Oh Hyun, Samsung CEO and vice President echoed this sentiment while addressing employees in a New Year statement. In his address, he said that the current uncertainty in emerging markets were likely to weaken the company’s revenue and profit margins and as a result encourage employees to focus more on creating better software and platforms in order to help the company stay on top.

Samsung has done quite a bit in times past to try to increase the revenue from its mobile division. Part of such efforts include the appointment of Koh Dong-Jin as the new head of the division back in December.

Lower prices in the display and semi-conductor markets are also likely to chop at Samsung’s profits this year as the company has been depending on the extra income from both business sectors to offset the declining revenue from its mobile division.