Samsung Denies Plans To Exit Network Business

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Recent rumors had suggested that Samsung is looking to exit its network business. The South Korean tech company however, has now come out and denied in no uncertain terms that it ever considered selling off its network business. Through a post on its official website, the company has strongly denied the rumors, saying, it has no such intentions whatsoever. According to the post, “Some news media have contended that Samsung Electronics is considering to sell its network business, which manufactures mobile telecommunication systems. However, Samsung Electronics has no intention to pull out from its network business”. The company goes on to further contend that it has made huge investments in the sector over the past few years, which has resulted in innovation and advancement of next-generation network technology.

According to Samsung, the company has “strong business ties with major operators in US, Japan, Korea, countries that have a leading LTE (4G) market, and we also have business relations with major operators in South Asia and Europe. Samsung is recognized as an innovative player for developing and commercializing many of the world’s first technologies through 2G, 3G and 4G. At the same time, Samsung Electronics has made significant investments in mobile telecommunications systems and devices. Overall, tens of billions of dollars in investments were made every year, which contributed to accelerating innovation in next generation telecommunication technologies (SDN/NFV, 5G)”. The company also reiterated its commitment to the sector, saying that it will continue to “bring advanced telecommunication technologies to the world”.

The rumors regarding the company’s network business came in the wake of reports from multiple sources in South Korea and Europe that suggested the multinational consumer electronics giant will be exiting its digital camera business fairly soon because of persistent losses over the past few years. Samsung launched its last Tizen-based NX500 camera back in February this year, and since then, has abandoned all marketing-related activities if the report is to be believed. The retail partners of Samsung Electronics in Portugal have also confirmed that their contacts within Samsung’s camera division have virtually ‘disappeared’ over the past few months. The company meanwhile, did not bother rebuffing any of those reports, unlike the strong denial issued this time around.