Samsung earnings were as bad as the company had predicted, and the future isn't looking great, either.
Its second quarter earnings marked Samsung's smallest profit in two years, bringing in $6.1 billion on sharply declining smartphone sales.
The South Korean conglomerate still has the largest individual share of the global smartphone market at 25.2%, but that number is markedly lower than the roughly 32% it logged in 2013.
Competition from both ends of the price spectrum have nipped at Samsung's business. Apple's iPhone sales have proven resilient in the high-end market. Chinese smartphone makers are moving in on Samsung's place among more frugal consumers.
Help could be on the way in the form of two new smartphones teased during the Samsung's earnings call. Details proved scarce, but two products were touched upon. One product reportedly slated for a global launch and will include "new materials"; another will have a large screen.
New phones could help Samsung regain some lost ground, although reports of Apple's rumored iPhone 6 could prove significant competition to some of Samsung's products like the Galaxy S5.
On Samsung earnings call, CLSA analyst Matt Evans comes right out and calls company's smartphone portfolio "very stale."— Jonathan Cheng (@JChengWSJ) July 31, 2014
Those phones are slated to be released in the next six months. Reports peg the release date of the new iPhone as sometime in the next two or three months.
Even with the new products, Samsung warned that its decline may not be over.
"Considering intensifying competition of price and specifications as well as the release of new competing models, it is difficult to expect earnings to improve from the second quarter," said Kim Hyun-joon, senior vice president at Samsung's mobile business during a call with analysts, according to Reuters.
Tags: Apple, BUSINESS, EARNINGS, GADGETS, MOBILE, SAMSUNG, SMARTPHONE