At the close of July, Samsung Electronics revealed second quarter earnings that didn't exactly wow Wall Street. In fact, the consumer electronics giant revealed that net profit actually dipped 8 percent year-on-year.
In response to the disappointing earnings and the reaction to the news among traders and investors, Samsung -- as expected -- is addressing the situation through a concerted effort to slash prices of some of its mobile products.
As Beta News detailed in depth this morning, Samsung is mitigating the retail price of its flagship Galaxy S6 and Galaxy S6 Edge smartphones across the pond by €100.
"After the deduction, the revised cost of the 32GB variant Galaxy S6 is €599, whereas its Galaxy S6 Edge counterpart will slightly break the bank at €699," says Manish Singh of Beta News, who notes that the smartphones have only been around for about four months.
Samsung, of course, isn't the only tech giant to suffer some Wall Street setbacks. While Apple didn't respond with product price reductions, Apple also posted earnings last month that, despite being record setting in some ways, failed to move Wall Street in any significant way and shares of AAPL have since paid the price.
Source: Beta News
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