Well, the numbers are in and - as expected - Samsung isn't doing so great. It has just posted a 22.3% drop in operating profit over the last quarter, blaming poor sales in Europe and China of the Samsung Galaxy S5 and its other smartphones.
Despite being the world's largest smartphone manufacturer by shipments, Samsung is posting a quarter operating profit of between 7-7.4 trillion won as opposed to 9.53 trillion won the same time last year.
Reported by the Wall Street Journal, Samsung has apparently taken the unusual step of posting a full-page explanation of its poor financial figures.
According to the smartphone manufacturer low sales in Europe and China have cause the dip in profit whilst a strengthening home currency in South Korea has simply added to the problems.
Incredibly Samsung had already started warning investors about the results with the company's Chief Financial Officer revealing that 'it doesn't look good'.
As such the company saw an 11% drop in share value cutting a massive $25 billion off the company's market value.
Samsung will be hoping that the launch of its new phablet device, the Samsung Galaxy Note 4, in September, along with a possible 'premium' Galaxy S5, will help raise shipments and drive sales, but with Apple reportedly launching its own larger iPhone 6 the company will be under even more pressure to deliver in future months.Suggest a correction