Blog from August 2021

Financial

Best Buy Beats Forecast, Loads Up on Inventory

August 30, 2021

Riding the wave of pandemic-fed demand for consumer electronics, US retailer Best Buy reported better-than-expected earnings in its most recent quarter. It raised its outlook for the second half of the year, a good sign for continued strong demand for display products. Best Buy reported net income of $734M on revenues of $11.8B, beating consensus expectations for its second quarter of fiscal 2022, which ended August 1st, 2021.
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Foldable

Samsung Announces Strong Foldable Smartphone Pre-Order Growth, DSCC Expects Samsung 2021 Foldable Smartphone Production to Rise Over 250% to >7.0M Units

August 30, 2021

A Samsung Electronics spokesperson told Bloomberg’s Sohee Kim that domestic pre-orders for its new foldable smartphones, the Galaxy Z Fold 3 and Galaxy Z Flip 3, reached 920K units in its first seven days of availability from August 17th to August 23rd. As expected, the $999 Z Flip 3 accounted for the majority of the pre-orders at around 70%. The pre-orders are impressive for Korea as they are 30% higher than Samsung’s Note 20 launch last year and 80% higher than the 2021 S21 launched this year. Samsung’s foldables have historically done well in Korea, accounting for a 52% share of 2020 shipments of the Z Flip and Z Flip 5G and a 33% share of last year’s Z Fold 2 volumes.
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