Yes, the iPhone 6 really hurt Samsung

Samsung on Thursday reported its financial results for the fourth quarter of 2014, and even though the company made a lot of money during the period, it still took a significant hit, especially compared with Apple’s performance for the same Christmas sales period and an absolute record.

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The company announced revenue of 52.73 trillion won ($48.6 billion), of which 5.29 trillion won ($4.87 billion) was profit. The numbers are impressive, but they’re significantly below last year’s performance when Samsung reported 59.28 trillion won revenue and 8.31 trillion won profit.

Samsung’s mobile division took a very hard hit during the December quarter, posting a 64% drop in profits compared to the same period in 2013 . That’s in stark contrast with Apple’s performance, whose iPhone 6 models drove impressive growth and profits during the holiday quarter, and which were likely partially responsible for Samsung’s mobile decline.

Samsung expects a better mobile performance this year and continued growth. “Through new materials, innovative design and differentiated features, competitive products will be introduced to drive smartphone sales, while efficiency will be enhanced across R&D and marketing to increase profitability,” the company said.

This was Samsung’s fifth consecutive quarter of decline, marking the first Samsung annual loss in three years. Overall, Samsung’s profit for 2014 amounted to 25 trillion won, marking a significant drop from 2013’s record 36.8 trillion won profit.

More details about Samsung’s Q4 2014 performance is available at the source link.

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This article was originally published on BGR.com