Struggling Samsung's Profits Set To Fall By 30%

Samsung has predicted a 30% drop in profits for the first quarter of 2015.

It expects its operating profit between January and March to be around £3.6bn on revenue of around £29bn.

That means the struggling smartphone maker has suffered a year-on-year profit fall of 30%.

The latest blow to the company was the popularity of iPhone 6 and 6 Plus, which helped Apple to become the most valuable company in the world.

Samsung has responded by redesigning its Galaxy S6 flagship smartphone which is due to launch this week.

Samsung is also hunting new revenue streams from the so-called Internet of Things - connectivity with everyday electronic items - to reduce its reliance on smartphones.

It has said that within two years all Samsung televisions will be internet connected.

Samsung's Galaxy smartphones led the market in 2012 and 2013, pushing past Nokia, Motorola and Apple.

But growth stalled last year as new models disappointed and it was squeezed on price in the low and mid-end phone markets by Chinese smartphone makers.

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