Samsung's quarterly results revealed a slip in smartphone market share for the first time in four years. Reuters

Samsung has reported a drop in profits in its first financial quarter of 2014 and a decline in global smartphone market share for the first time in four years.

The South Korean electronics giant retains its place as the world's most dominant smartphone manufacturer but flat sales blamed on "lower demand due to weak seasonality" saw its market share dip slightly.

Samsung responded to the results by claiming smartphone, television and tablet sales will be boosted by this summer's football World Cup in Brazil.

"Samsung is expected to see profits rally in the second quarter and beyond, on the back of improved sales of display panels and home appliances," Samsung said in a statement.

"Orders for display panels that are used for premium smartphones and TVs are expected to increase, as new mobile devices are rolled out into the market and as consumers look forward to the upcoming World Cup in Brazil."

Growing revenues, falling profits

Quarterly revenues for the firm grew year-over-year from 52.87 trillion won (£30.43 billion) to 53.68 trillion won between January and March, but this wasn't enough to prevent profits from falling by 3.3% from the same quarter last year.

Research firm Strategy Analytics predicted that the figures released by Samsung saw its market share slip from 32.4% to 31.2% in the first quarter. According to the research firm, Apple also saw its market share slip over the same period, from 17.5% to 15.3%.

Samsung will be banking on the success of its recently launched premium flagship, the Galaxy S5, to increase profit margins in the coming months.

Samsung assured investors that it expects to see the new smartphone outsell its predecessor, the Galaxy S4.