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Samsung Electronics Co Ltd posted its slowest quarterly profit growth in more than a year on Tuesday as its Galaxy S9 device missed sales targets and competition heated up, casting doubt on its leadership of the smartphone market.

"The outlook for the memory chip business remains strong across all applications thanks to demand for server and PC memory as well as new mobile product launches", it said in a statement. It also means that to stand out from the competition, it needs to be more innovative than Apple needs to be, which will drive up expenses and make it more hard for the company to make a profit out if their devices.

As teased, Samsung has launched a new mid-range smartphone - Galaxy On8 in India on Wednesday.

If there will be any other benefits to upgrading to the Galaxy Note 9 other than the exclusive S Pen features, do let us know down in the comments. "Its third-quarter operating profit is expected to hit 16.8 trillion won", said Lee Seung-woo at Eugene Investment & Securities.

Operating profit climbed 5.7% to 14.87 trillion won, in line with Samsung's preliminary earnings guidance.

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But total sales fell 4.1 percent year-on-year to 58.48 trillion won, with the company's consumer electronics and mobile businesses suffering.

The Shop Samsung app also shows a trade-in program that offers up to $450 off the future Galaxy phone, but sadly it doesn't list price, storage options or colors. Perhaps most importantly, Samsung knows that we know the Galaxy Note 9 is being revealed next week.

Operating income from the chip unit amounted to 11.6 trillion won, accounting for the lion's share of profit. Most of their big profit though appears to have the way of their TV and semiconductor division and not its smartphone division with even its OLED panels (which are used in the iPhone X) reportedly also underperforming. Samsung globally is also facing competition on its less expensive phones from Chinese smartphone makers such as Huawei and Xiaomi.

"Second quarter revenue fell due to softer sales of smartphones and display panels, despite robust demand for memory chips", said the South Korea-based giant.

Samsung shares were down 0.5 percent in early trading, compared with 0.2 percent drop in the broader market (.KS11).