Samsung feels brunt of iPhone 6 launch, shares plummet to two-year low

Samsung has experienced quite the downturn after hitting lowest share prices since 2012. The Bloomberg report details some factors leading to this drop, including Apple's recent release of the iPhone 6 and analysts lowering profit estimations.

The company lost 2.3 percent on the market, falling to 1,161,000 won. It doesn't sound like much of a turn, until one considers the $30 billion being wiped from Samsung's market value. The company has started to face tough competition from other manufacturers, as well as Apple, which recently announced over 10 million iPhone 6 devices were sold during the launch weekend.

Samsung Securities Co. reduced its profit estimate to 4.7 trillion won, down from 5.7 trillion won, noting in a report yesterday that "its smartphones have lost appeal -- as evidenced by the solid performances of high-end Chinese models and unexpectedly strong iPhone 6 pre-orders."

It's no secret that Samsung already invests heavily in marketing campaigns, but it will be interesting to see how the company bolsters its defenses when it comes to market share, especially with the Galaxy Alpha and the Galaxy Note 4 making the rounds.

Source: BusinessWeek

Rich Edmonds