SamsungIn what used to be an Apple dominated world, Samsung is making a massive comeback. So massive, it looks like Apple might be feeling the pinch.

Korea’s Biggest Business, Samsung Electronics, announced that its profits skyrocketed an overwhelming %76 in the last three months of 2012.  This surge, of course, can be attributed to the whopping sales surrounding Samsung’s Galaxy smartphone product line.

The Korean giant saw their net income rise to an unprecedented $7.04 trillion Korean Won ( or approximately $6.6 billion dollars). This figure was up from $4.01 trillion Korean Won during the same time frame, a year earlier.  With numbers that just seem to keep doubling, Samsung is quickly becoming the premier electronics company in the same way Apple did around 5 years ago.

With Samsung rapidly closing the gap that makes Apple the bigger, better company,the California giant is going to have to pull out all the stops to protect their market share. At the end of last year, Apple introduced the iPad Mini in an attempt to combat the smaller and cheaper android tablets that seem to be slowly taking over the market. Apple may have helped themselves in the tablet department, but it is obvious that their main competition lies in the smartphone arena.

It has been rumored in the last few months that Apple is considering the manufacture of a cheaper iPhone in hopes of combating the shriveling of their company. In truth, even though cheap is a far cry from Apple’s standard, this move may be the only thing that saves apple from falling prey to other Asian electronics giants like Samsung, LG, etc.

If Apple does, in fact, produce a cheaper smartphone, they may stand a chance at protecting their ever-waning share of the global market. If they do not, they are going to need a much larger trick up their sleeve to stave off their biggest competitor: Samsung.