Samsung fanboys might want to cover their eyes – it turns out people just aren't buying the Samsung Galaxy S5.
Samsung has admitted that people just aren't buying its top-end smartphones – the ones designed to compete with Apple head-on – as much as they used to.
Indeed, so few people are buying its latest flagship handsets – such as the Samsung Galaxy S5 – that it saw the amount people were spending on its phones between June and September fall from just under £4 billion last year to £1 billion this year.
Yup. That means people for every pound gadget fans spent on Samsung smartphones last year during the summer months, only one in four did the same this year.
Speaking to investors, Samsung blamed price cuts on its older phones and “declined demand” for high-end models. That's bad news for Samsung – especially as demand for Apple's high end iPhones haven't dropped.
In fact, it's still breaking records, remaining the best selling smartphone on the market.
However, it's arch-nemesis Apple isn't the company's only worry. Just this week, analysts revealed that Chinese smartphone maker Xiaomi may already be the world's third largest smartphone maker behind Apple and Samsung.
The figures don't count the recently launched Samsung Galaxy Note 4. Can Samsung's phablet save its skin this Christmas?