Samsung head of investor relations, Robert Yi, has revealed during a presentation in New York that the company plans to cut the number of smartphone models it produces by 25% to 30% in 2015. With this step, Samsung hopes to fight the falling profits that were recorded in the last financial quarter. Naturally, Samsung investors aren’t happy with the latest developments and require changes that will head the company back to growth.

Samsung Electronics Co. said it would reduce the number of smartphone models it offers next year, part of a move to cut costs to combat declining profit. The South Korean technology major said it would cut the number of models by about 25% to 30%, Robert Yi, head of investor relations, said during a presentation in New York. His remarks were confirmed by a company spokesman Tuesday. Samsung didn’t disclose the exact number of models that would be affected by the reduction. The decision to streamline its large smartphone portfolio came as the company seeks to cut costs to better compete with cheaper models, mainly from Chinese smartphone makers such as Xiaomi Inc. In October, Samsung reported a 49% drop in its third-quarter net profit. Executives have vowed to make its operations more cost efficient.