Samsung’s financial results continued to take a hit in the first quarter as the company battled tough competition in the smartphone market.
The South Korean electronics giant — which makes everything from smartphones and TVs to memory chips and displays — on Tuesday reported March quarter sales and operating profits largely in line with its estimate from earlier this month. Sales dropped 12 percent from the previous year while Samsung’s operating profit fell 30 percent.
A 30 percent decline in operating profit isn’t minor, but it’s a smaller drop than what Samsung has posted in previous quarters — 36 percent in the fourth quarter and 60 percent in the third quarter. Samsung also said smartphone shipments increased from the fourth quarter, led by mid- to low-end device, though tablet and feature phone sales fell.
“Earnings improved due to more efficient management of marketing expenditures, expanded sales of middle-end smartphones including the Galaxy A Series, and a strengthened premium lineup following the introduction of the Galaxy S6 and S6 edge,” Samsung said in a press release.
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