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SEOUL, South Korea – Samsung Electronics Co. says its first-quarter net income has plunged 39 percent over a year earlier.
The company reported Wednesday that its January-March income was 4.63 trillion won ($4.35 billion), compared with 7.49 trillion won one year earlier.
That is lower than analysts’ consensus of 4.97 trillion won, according to financial data provider Factset.
The wider-than-expected drop was due to a big profit plunge in Samsung’s mobile business. The maker of Galaxy smartphones said its mobile division generated 2.74 trillion won in quarterly profit, compared with 6.43 trillion won a year earlier.
Analysts estimate Samsung sold more smartphones than Apple during the quarter but the Korean firm lost its share in the high-end market to Apple after the maker of the iPhone began offering models with bigger screens.