Massive South Korean combine Samsung said its earnings fell for the first time in three years.And it’s blaming the decline on mobile phone sales, which fell by 21 percent in its financial year.
The company’s net profit fell to $21.3 billion for the year, down by 27 percent compared to its previous financial year.
Many are agreed that competition from homegrown Chinese manufacturers have nibbled into Samsung sales in the country.
It also missed a trick in the second half of last year by not having anything to compete with Apple introductions.
Samsung is predicting an increasing decline for smartphones in the first calendar quarter of this year.
