Samsung apparently said it expects difficult business conditions in 2016, due to competition in key businesses including smartphones and global economic conditions.

According to a widely-reported New Year address, Kwon Oh-Hyun, vice chairman and co-CEO of the South Korean giant, said: “The competition landscape is changing to software and platforms, so we need to build a new system and competence.”

Bloomberg said that the company is calling on staff to come up with ways to handle intensified competition, with Kwon arguing that “we have to compete in a new way that we’ve never experienced in the past”.

This is not the first time that Samsung has indicated it sees tough times ahead, but Reuters noted that the update comes against a backdrop of uncertainty about its Q4 results. The company is expected to publish guidance this week.

Late last year, Samsung reshuffled the management of its mobile unit.