Samsung 's dismal second quarter continues as the smartphone manufacturer lost market share for the first time in recent memory. While Samsung is still the leading smartphone vendor, it shipped 74.3 million units in Q2 2014, down from 77.3 units from the same period last year.

Samsung's market share also took a nosedive, which went from 32.3 percent last year to 25.2 percent in Q2 2014. Slow sales combined with increasing competition in the low- and mid-tier segments from Chinese vendors like Lenovo and Huawei have been a major factor in the decline of the South Korean giant's market share.

Along with an earnings forecast which included a 24 percent decline in profits, Samsung is facing an uphill task as it looks to find new growth drivers for revenue. One area the manufacturer is actively focusing on is the wearable segment, which will possibly see new products launching later this year. Samsung is also set to unveil the Galaxy Note 4, its next generation flagship in the Note series, at the IFA next month.

Do you guys think Samsung will be able to turn its fortunes around next quarter?

Source: IDC