**Editor’s Note: Click here for our recent ranking of the world’s hottest selling smartphones to see how Samsung phones fared against the competition.**
Though it’s far and away the global market-share leader in smartphone shipments, Samsung acknowledged on Thursday that the second half of 2014 “will remain a challenge.”
On its earnings call today, the Korea-based manufacturer said profit fell by 20 percent last quarter compared to the same quarter a year ago. Revenue was down 9 percent over the same period, the company’s worst numbers in three years, the Wall Street Journal noted.
Part of the problem is smartphone saturation. Samsung acknowledges that it overestimated demand last quarter. Increasing competition from other companies in Asia is also a big factor.
To help stem the tide, the company said it’s preparing two new high-end smartphones before the year is out. Samsung wasn’t more specific. One is expected to be the latest in the Note series, the big-screen devices known as “phablets” since they’re almost as a big as a small tablet PC.
Rival Apple is expected to launch a larger version of its iPhone this year that could be more in line with the size of screens on many Samsung phones.
Follow senior online managing editor @Craig_Galbraith on Twitter.
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