Samsung CEO J.K. Shin sounded off this week, reassuring investors that the Galaxy S4 is selling quite well thank you, and also dismissing any talk that his company is anywhere close to calling a truce with chief rival Apple.
Samsung’s stock dropped six percent last week when a J.P Morgan report warned investors that sales of its recently launched Galaxy S4 smartphone could fall short of expectations. Speaking with reporters on Wednesday, though, Shin dismissed J.P. Morgan’s analysis of S4 sales, according to The Korea Times.
“I can say sales of the Galaxy S4 smartphone are fine. It’s been selling well,” Shin told reporters. “The report was based on its own analysis. Probably the bank may have corrected its previous bullish estimate about the S4 sales.”
Samsung expects to sell around 100 million of the Android devices, and moved 10 million units in the first 28 days of availability, but both J.P. Morgan and Morgan Stanley revised their sales estimates for the device downward recently.
The sell-off following the revisions resulted in Samsung’s largest single-day drop in nine months. Samsung’s shares hit a four-month low. The stock has been trending downward ever since.
Shin also commented on Samsung’s worldwide patent legal struggle with rival Apple, saying Samsung has no plans to concede, or call a truce.
“Patent disputes against Apple will continue,” Shin said.