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Samsung shares take a hit as iPhone X sales slump

21 February 2018, 07:53 | Hattie Nash

Samsung shares take a hit as iPhone X sales slump

Apple will halve its iPhone X production target for the first three months of the year to around 20 million units the Nikkei reported last month adding to growing concerns about weak sales of the $999 phone

However, it also carried a premium price tag, as Apple opted to add the iPhone X to a new position at the top of its smartphone line-up.

Wall Street analysts have been shouting for months that the iPhone X sales were far below expectations. For Q1 2018, it reports, Samsung Display had counted on making 45-50 million OLED panels for the iPhone X. Now, it's said, it will only supply 20 million panels, or potentially even fewer. The anniversary model might have sold well during the holiday quarter, but most people who wanted to buy the iPhone X have already purchased it.

Earlier this week we learned that Apple's iPhone X production cuts have left Samsung looking for more buyers of its OLED displays.

The new target will reduce production at the plant to around 60% of the original plan.

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Samsung Display now plans to offset the impact by winning more orders from Chinese and other customers.

Samsung Display is extending its marquee full-screen display design to mid-range smartphones as part of efforts to further improve profitability, according to industry sources on February 20.

Samsung did not immediately respond to our request for comment and Nikkei's report did not cite specific sources. For now, Samsung Display is the sole supplier for the current iPhone X. Samsung Electronics uses OLED for nearly 70 percent of smartphone models. For the October-December quarter of 2017, the company had registered an operating profit of 1.41 trillion won, which was down from 1.7 trillion won in April-June quarter of the previous year.

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