The Samsung Galaxy Note 9 was tipped to make huge sales before and after launch, but that doesn’t seem to be the case as Samsung has just released its second quarter of 2018 financial reports and it’s the lowest they had in the past 12 months, with $52.2 billion (around KRW58.48 trillion) in sales.

Galaxy Note 9 not performing as expected records low figures again

The low revenue recorded can be attributed to the lower sales of smartphones and display panels, according to Samsung, but business has been good because the report shows a high demand for memory chips.

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Galaxy Note 9 not performing as expected records low figures again

A sales fall of 20% from KRW30 trillion to KRW24 trillion has been recorded on a yearly basis by the IT & Mobile Communications division which deals with the sales of the Galaxy smartphones, this is happening because of a lot of competition like Xiaomi, Oppo, Huawei and so on springing up with more affordable devices. Samsung has also been withdrawing older low-end models.

The most impressive division for the Korean conglomerate remains the Semiconductor Business that delivered strong earnings, and this division is responsible for the NAND and DRAM memory chips reached highest ever sales and revenue, amassing over 37% of the overall sales and nearly 80% of the total profit for the quarter.

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Looking pass the low figures, Samsung is optimistic about the Q3 with the release of Galaxy Note 9, that is expected to boost demand for smartphones and tablets between now and the end of the year.

With business still open for the second half of the year and the Galaxy Note 9 available on sale, Samsung predicts a better performance before year end with with growing demand for flexible OLED panels.