Samsung will stop producing so many models of smartphones and focus on a core set of devices in the new year, the company said Tuesday.
Speaking to investors in New York, Samsung's head of investor relations, Robert Yi, said his company plans to cut the number of smartphone models it produces in 2015 by 25 percent to 30 percent, The Wall Street Journal reported.
Though Samsung is still a juggernaut in the mobile business, the company has watched its smartphone business start to falter in key markets, such as China. In China specifically, chief competitor Xiaomi has been able to increase smartphone shipments and get consumers excited about its products by delivering higher-end devices at budget-conscious prices.
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