San Francisco, November 1: Samsung is expected to sell 270 million smartphones next year with focus on its foldable devices. According to GSMArena, the current estimate of 260 million units sold in 2022 is around 10 million more than the last year, and the company wants to increase that by 10 million next year.

The company is reportedly concentrating on foldables in order to achieve this goal because it can increase profitability as opposed to just sheer sales volumes overall. Samsung Likely To Reduce Prices of Upcoming Foldable Phones: Report.

It will shift gears to "defend profits" by selling an increased percentage of premium products next year rather than providing cheap devices. The company predicts that the foldables will have an 80 per cent average yearly growth rate by 2024. Microsoft Surface Duo 3 May Look Similar to Samsung Galaxy Z Fold 4.

According to the report, the tech giant wants to sell 60 million units of its premium S and Z series, and 210 million units of its A series next year.

Recently, Samsung Electronics posted a sharp drop in profits for the third quarter, as its main semiconductor business faced major headwinds from weakening memory chip prices and demand.

The world's largest memory chip and mobile phone maker said in a regulatory filing its third-quarter net profit declined 23.6 per cent from a year earlier to 9.38 trillion won ($6.6 billion), reports Yonhap news agency.

(The above story first appeared on LatestLY on Nov 01, 2022 04:20 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).