Samsung plans to cut the number of smartphones in its portfolio by up to a third in a move to combat declining profits.
Robert Yi, head of investor relations at Samsung, said during an investment presentation in New York that the company will reduce the number of models by 25 to 30 percent.
Samsung did not disclose how many smartphones it will stop making, but the decision is part of a move to streamline its portfolio and cut costs to be more competitive in the mobile market, according to The Wall Street Journal.
The firm said it has plans to "increase the number of components shared across mid- to low-end models [to] further leverage economies of scale".
Samsung revealed in October that third-quarter profits had slumped by 60 percent owing largely to increased competition in the smartphone market.
The company is hoping to create a more cost-efficient operation, and is likely to concentrate on making inexpensive smartphones to rival those coming from Chinese manufacturers such as Xiaomi and Huawei.
Samsung will still face fierce competition at the lower end of the market, particularly as Xiaomi became the world's third largest smartphone manufacturer for a brief time earlier this year.
Samsung is already moving away from the high-end market, releasing the Galaxy A3 and A5 smartphones as mid-level offerings.
The company appears positive about its position, despite challenges from the competition.
"[We] expect demand for smartphones and tablets to increase under year-end seasonality while competition among handset makers will intensify," Samsung said during its quarterly earnings call.
V3 contacted Samsung for more comment on its plans, but the company has yet to respond.
Samsung is also looking at the wearable technology market to bolster profits, announcing a partnership with SAP to develop a wearable devices ecosystem.
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