Samsung Says Competition to Blame for Earnings Miss

Samsung Says Competition to Blame for Earnings MissOn Thursday, Samsung disappointed investors and Wall Street analysts when the South Korean tech behemoth once again illustrated that it’s having trouble maintaining its mammoth market share across an increasingly competitive landscape.

Reporting earnings for the second quarter of 2014, the company revealed that profit fell 20% from the same quarter of 2013. Revenue also fell 8.9%.

The last time the company recorded a net-profit drop on a year-over-year basis was for the third quarter of 2011.

According to the Wall Street Journal, the tech maker plans to launch two new high-end smartphones “soon” — likely within the next six months — as a means to stave off further market losses and revenue deterioration.

“Prospects for growth remain unclear as competition over global market share intensifies in the mobile industry,” Samsung said in a provided statement.

IDC recently found that Samsung shipped 74.3 million smartphones in the second quarter — below the 90 million projected by Wall Street.