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Samsung attributed the poor Galaxy phone sales to a few factors, including rising competition in the mobile phone market as well as its phasing out of lower end models of the phone.

The display business also suffered, with sales of OLED screens to Apple turning out to be weaker than expected, though Samsung does believe this segment will pick up later in the year following the reported arrival of two new OLED iPhones. And it specifically blamed "slow sales of the Galaxy S9".

Тhe IT & Mobile Communications division, responsible for the Galaxy smartphones saw its sales fall 20% from KRW30 trillion to KRW24 trillion on a yearly basis.

Samsung's Q2 financial results are in, and while money talk isn't always that exciting, there are some flavorsome tidbits in here that hint strongly at what we'll be seeing from the Samsung Galaxy S10, Note 9 and foldable Galaxy X.

Samsung Electronics felt the chill of a cooling smartphone market, causing its mobile business to record its sharpest profit decline since the first quarter of 2017.

In the near-term, Samsung said competition would intensify in the second half as new smartphone models were released, prompting it to introduce a new Galaxy Note earlier than usual.

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In a statement following Tuesday's filing, Samsung said: "The company will incorporate more value-added features into panels and reinforce its competencies in new applications such as foldable displays". To offset slowdowns in mobile, the company has touted its growing sales of chips, which it manufacturers for itself and other smartphone makers, including Apple.

"Since the Galaxy Note 7 fiasco, Samsung has been cautious about adopting new technologies or parts from new suppliers".

Revenue for the April-June period fell 4 percent to 58.5 trillion won, broadly in line with Samsung's earlier estimate.

Samsung said demand for DRAM chips, its main memory product, would stay strong in the second half thanks to the growth of server data centres used for cloud computing. We will have to wait for a week to find out what is a reasonable price according to Samsung. Samsung has set a price of Rs 16,990 for the Galaxy On8, and it can be purchased from both the portals starting August 6.

The mobile business booked a 34 percent fall in operating profit to 2.7 trillion won (US$2.4 billion) in the second quarter, its biggest decline since the Galaxy S7 was Samsung's flagship model early previous year.

Samsung shares slid 0.5 percent by 0254 GMT, compared with 0.1 percent drop in the broader market .KS11 .