The Samsung Galaxy smartphone has been eating into Apple’s market. In the fourth quarter of 2013, it looks like Apple’s iPhone ate into Samsung’s profits.
Samsung’s operating profit fell 18% to $7.7 billion for the quarter, which ended Dec. 31. Samsung’s stock price was up 0.2% Friday morning after falling 2.2% Thursday. The figure compares to a 26% jump in profit in Samsung’s third quarter.
The South Korean company’s stock lost $8.8 billion in one day earlier this month as investors fretted that the company’s profit growth was slowing amid increased competition from Apple but also Lenovo and Huawei in China.
Analysts expect Apple to report record iPhone sales of 55.3 million next Monday. Samsung’s Galaxy S4, which went on sale in April 2013, hit 10 million in the first month and hit 40 million in October.
Samsung releases new phones and various models quicker than Apple does. Typically Apple releases a new iPhone annually, and they can brace themselves for Samsung’s newest phone which will be released in April. Rumors say it could include an eye-scanner as well.