Samsung’s Profit Sinks 39%, Hit by Bigger iPhones

Samsung Electronics Co. said its first quarter net profit plunged 39 per cent as consumers switched to bigger iPhones, squeezing earnings from its mobile business to less than half what they were a year earlier.

The company reported Wednesday that its January-March net profit was 4.63 trillion won ($4.35 billion), compared with 7.49 trillion won a year earlier.

Ouch!