Samsung has reported the results for the fourth quarter of fiscal year 2014 today — and they're not pretty. Overall, the company brought in a profit of 5.3 trillion won ($4.8 billion USD) compared to 7.3 trillion won ($6.7 billion) the year prior — a 27 percent drop.
On the smartphone side of things, Samsung continued its decline, showing profits of 1.96 trillion won ($1.8 billion) on revenues of 26.29 trillion won ($24 billion), a quarter-over-quarter decrease. In order to tackle declining smartphone sales, the company says it plans to "streamline" its smartphone portfolio, noting that sales of high-end devices like the Galaxy Note 4 were a prime driver for the business this quarter:
Slight QOQ decrease in smartphone shipments was offset by increased ASP, as smartphone sales were driven by high-end smartphones, such as the Galaxy Note 4. In addition, healthy channel inventory levels allowed efficient management of marketing expenditures, leading to improved business performance.
This marks the fourth straight quarter that Samsung has seen slumping smartphone sales over the previous year. Samsung is likely hoping that future releases, such as the upcoming Galaxy S6, will mark a turnaround for its mobile business.