Samsung Galaxy S20 series still struggling to sell

As companies worldwide are coping with the effects of COVID-19, tech giant Samsung is reportedly worried over poor sales and lower stock market value.

We've learned from a Seoul Economic Daily report (via Android Authority) that the Samsung Galaxy S20 series sold 40% worse than its predecessor, the Galaxy S10 series, according to industry estimates. By the time the South Korean giant releases its quarterly earnings to the public, those numbers could get even worse.

The report says Samsung Electronics held a private conference call for its investors, where a decline in smartphone demand due to the coronavirus pandemic was mentioned. Apparently, local market analysts predict Samsung's market share to decrease.

But sales of the Galaxy S20 series are lower not just because of the coronavirus. Consumers are now less likely to purchase new phones in general -- due to increasing prices and more affordable, long-lasting options entering the market. Additionally, Samsung is still selling the Galaxy S10 series from last year at lower, more attractive prices.

Although Samsung's semiconductor sales are still doing well due to demand, its wireless solutions, displays and home appliances divisions are also expected to suffer from decreasing revenue for the foreseeable future.