A Samsung executive warned earlier this week that 2016 will be a challenge as the company faced increased competition across many of its product segments, Bloomberg reported.

According to Bloomberg, Samsung vice chairman and co-chief executive officer Kwon Oh Hyun said the company’s smartphones, televisions and memory chips will be up against fierce competition this year, and said Samsung must modify its strategies to remain at the top of an ever-changing marketplace.

Kwon’s comments come on the heels of a rocky 2015 for Samsung.

Though the company posted a third-quarter net income of $4.6 billion – it’s first earnings growth in over a year – Samsung said it did not expect the positive results to continue through the fourth quarter 2015.

Despite the launch of updates to its Galaxy line, TrendForce released a report in October that forecast Samsung could be in for its first ever year-over-year decline in smartphone shipments in 2015.

According to the forecast, Samsung’s year-over-year smartphone shipment totals were expected to drop one percent in 2015 thanks in part to a reduced number of predicted Galaxy S6 shipments.

But the news isn’t all bad. In November, Kantar WorldPanel reported that Samsung and competitor Apple account for nine of the top 10 most-sold smartphones.