Samsung has once again seen its profits take a nosedive, with the advent of the iPhone 6 being blamed for the continuing slide in the company’s financial fortunes.
Overall profits slipped by 39% in January to March compared to the same period last year.
The mobile division appears to have been the main cause for the slide, making just 2.74 trillion won compared to 6.43 trillion won in the first quarter of 2014.
However, analysts believe Samsung sold a massive 83.2 million phones in the first three months of this year, eclipsing Apple’s 61.2 million.
These sales, however, reflect a boost in mid-range devices, which do not make as much money as top-end handsets, such as its new Galaxy S6 and Galaxy S6 Edge.
Samsung does not officially release sales figures for its handsets.
Samsung predicts the new high-end devices will see it return to profitability in the current quarter.
"Galaxy S6 sales have been going as well as expected, while demand for the Galaxy S6 Edge have been better than anticipated," said Park Jin-young, Samsung’s Vice President.
However, the tech giant is already warning that due to stiffer competition and weaknesses in emerging market currencies, it could suffer further losses later in 2015.