Samsung has admitted that sales of its Galaxy S9 flagship were disappointing, explaining a 34% drop in operating profits for the company’s mobile division …

Reuters reports that the firm has found itself struggling in an increasingly competitive mobile market.

Samsung Electronics posted its slowest quarterly profit growth in more than a year on Tuesday as its Galaxy S9 device missed sales targets and competition heated up, casting doubt on its leadership of the smartphone market.

The [company] said operating profit from the mobile business recorded its steepest rate of decline since the first quarter of 2017, as cheaper Chinese-made handsets put pressure on margins.

Galaxy S9 sales were weak despite higher marketing costs, further squeezing margins, and the company warns that the situation is likely to worsen later in the year.

The South Korean tech giant gave investors little reason to hope for a quick turnaround in the mobile business, flagging stiffer competition in the second half amid concerns its premium phones lack innovation to drive sales growth […]

In the near-term, Samsung said competition would intensify in the second half as new smartphone models were released.

Samsung’s short-term plan is to release its next Note earlier in the year, while longer-term it hopes that its planned folding phones will create new demand.

Rival Apple is due to report its own quarterly earnings later today, with analysts expecting 2.4% growth in iPhone sales in what is usually the company’s slowest quarter, ahead of its 2018 models.

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