Samsung has reported its quarterly results and, while its overall revenue increased, its mobile business has taken a hit…thanks largely to the iPhone 12.

Samsung reported a fourth-quarter revenue increase of 2.8%. The company’s results were driven largely by its display and memory business, not surprising given that both likely saw significant increases as a result of the pandemic. In fact, the Display Panel Business saw its highest-ever quarterly earnings.

Unfortunately for Samsung, its mobile business was less impressive.

While overall market demand increased QoQ as a result of strong year-end demand and gradual economic recovery, the Mobile Communications Business saw revenue and profits decrease QoQ on intensifying competition and higher marketing expenses. However, the Company maintained a double-digit profit margin by improving the cost structure through measures such as component standardization.

It’s a safe bet the “intensifying competition” Samsung saw was the release of the iPhone 12, especially since Apple’s iPhone revenue reached an all-time high on iPhone 12 demand.

Moving forward, Samsung says it will focus on its flagship lines, such as Galaxy S21 series, as well as foldable models, such as the Galaxy Z Fold and Galaxy Z Flip.