AP Wire:

The steep decline in income, likely the widest fall in Samsung’s earnings history, shows how the company’s quick rise to the world’s top smartphone maker with the Galaxy phones faces what might be its biggest challenge. Its struggle is apparent in both the high-end phone segment where it competes with Apple Inc. and the low-end segment where it faces rising competition from the likes of China’s Xiaomi and Lenovo.

This has been coming for a while now, but there’s no proof like watching earnings projections fall by half in a very short time.