Samsung plunges to new low as smartphone sales slow

Stop us if you’ve heard this story before: A leading consumer electronics company on Friday revealed that it will report record earnings for the previous quarter, and its stock plummeted to new lows soon after. While Samsung’s stock market meltdown isn’t quite as dramatic as Apple’s just yet, this is certainly a familiar scenario we’re watching unfold. During Monday’s session on the South Korean exchange, Samsung shares fell as low as 1.211 million won, which Reuters notes is a new 10-month low for the stock. Of course the market reacts to what a company will likely do tomorrow, not what it did yesterday, and the recent dive Samsung’s stock has taken is a direct response to rumors that Galaxy S4 sales are slowing as demand for high-end smartphones wanes. Samsung shares closed down 41,000 won, or 3.24%, at 1.226 million won on Monday.

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