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Samsung is set to cut the number of its smartphone models by up to 30 per cent next year as it seeks to combat declining profit, The Wall Street Journal has reported.Robert Yi, Samsung head of investor relations, said Samsung will cut its number of models by about 25 to 30 per cent during a presentation in New York, according to the WSJ report.

The decision comes in the wake of Samsung last month posting a 49 per cent year-on-year net profit decline for the 2014 third quarter.

Recently released International Data Corporation (IDC) figures have revealed Samsung is facing increasing pressure from all corners of the market.

The IDC found the global smartphone market grew 25.2 per cent year-on-year in the 2014 third quarter, however Samsung was the only company among the global top five that saw its shipment volume decline year-on-year.

“With continued competitive pressure from nearly every side coupled with cooling demand for its high-end devices, the company’s volumes have fallen from their previous highs at the start of the year,” the IDC stated.

Samsung has not confirmed the exact number of models that would be affected by the reduction, the WSJ reported.

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