Samsung shares down on Gear 2 launch

The share price of Samsung was slightly down today (February 24th) following the latest product launch by the electronics company.

It was announced by the firm that an updated version of its smartwatch – the Gear – is going to come out later in the year.

Wearable technology is expected to be a massive area of growth in the coming years, but consumers are yet to snap up technology such as the Gear and products from rivals.

The Gear 2 will come with a wide range of upgrades to make it more appealing to members of the public and it was confirmed by Samsung that it will run on Tizen OS rather than Google's Android software. Tizen is one of the newest players in the mobile operating system market.

Lighter version

As well as the Gear 2, the company unveiled a lighter version of the smartwatch that it has dubbed Gear 2 Neo. Both of the new watches come with features such as a heart rate sensor and a pedometer, as well as various tools to measure exercise, sleep and stress levels.

"Offering extended connectivity features, stylish customisation options and a robust application network, we have enhanced everything that people love about the original Galaxy Gear to create a second generation of wearable devices that offer unparalleled smart freedom," said Simon Stanford, vice-president of IT and mobile for Samsung Electronics UK and Ireland.

Samsung has been making strong progress in the mobile technology market in the last few years, becoming the major rival to Apple with its smartphones and tablet computers. The Galaxy range of smartphones is now one of the top sellers in the world and the Galaxy Tabs have also been very popular among consumers around the globe.

A major change to have been made to both the Gear 2 and the Gear 2 Neo is a considerably improved battery life. A short battery life is one of the reasons why consumers are believed to have been holding back from buying wearable technology such as smartwatches.

Samsung stocks slipped by 0.15 per cent on the back of the product launches today.

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