Samsung Electronics Co. said its first-quarter net income has plunged 39 percent as the smartphone business saw its profit shrink to less than half from a year earlier.

And

Sales fell 12 percent from a year earlier to 47.12 trillion won while operating income dropped 30 percent to 5.98 trillion won, in line with Samsung’s earnings preview earlier this month.

The wider-than-expected drop in net profit was due to a big profit plunge in Samsung’s mobile business. The maker of Galaxy smartphones said its mobile division generated 2.74 trillion won in quarterly profit, compared with 6.43 trillion won a year earlier.

Ouch, sucks to be Samsung. This may look like the smartphone market is falling, but it’s not. Apple sold 61.1 million iPhones, up 40 percent over last year.