Samsung shares plummeted to two-year low, as iphone 6 is launched

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