Samsung is the world’s top seller of smartphones, but even that fact couldn’t stop its profits from declining for a second successive quarter. Samsung posted its latest (Q1 2014) results today, which saw operating profit fall 3.3 percent quarter-on-quarter to 8.49 trillion KRW ($8.2 billion) while revenue slipped 9 percent QoQ to 53.68 trillion (KRW).

Despite the underwhelming results, Samsung is bullish on the rest of the year and it expects to see “profits rally in the second quarter and beyond” thanks to its display panel business, home appliance sales and its new flagship Galaxy S5 smartphone.

“Samsung is also poised to expand its new product categories such as wearable devices, strengthen its B2B business footprint through Knox and in the education market and make advancements in its ecosystem for device connectivity,” the company said in a press release.

Samsung Electronics Announces First Quarter Results [Samsung Global Blog]

Related: Samsung’s Galaxy K Zoom smartphone packs a 20 megapixel camera and 10x zoom lens

Image via ODD ANDERSEN/AFP/Getty Images