And sales should improve in the second half of 2018, thanks to a normal seasonal uptick.
The company said it would bolster its flagship lineup by marketing the new phone "at a reasonable price" and packing its middle-and-low end products with updated features to fend off competition.
Speaking in today's report Samsung said: "Looking to the future, the Company will continue to reinforce product competitiveness based on hardware leadership, by adopting cutting-edge technology and new form factors and gaining leadership in 5G". On the rear, the Galaxy On8 features 16MP primary sensor with f/1.7 aperture and a 5MP secondary sensor with f/1.9 aperture.
According to Korean site ETNews, Samsung will develop the foldable displays by March, manufacture panels in September and start manufacturing the phone itself in November.
But it expected challenges in the mobile business going forward.
The mobile business booked a 34 percent fall in operating profit to $2.4 billion in the second quarter, its biggest decline since the Galaxy S7 was Samsung's flagship model early previous year.
Under growing pressure from Chinese smartphone makers, Samsung this week posted its slowest quarterly profit growth in more than a year.
It remains to be seen whether Samsung's difficulties in the mobile business, which accounts for about 40 percent of its revenue, are the result of its own failings or reflect the industry slowdown more broadly.
Samsung posted an operating profit of $13.3 billion on revenues of $52 billion for the quarter ending June 30.
Obviously though with all that added competition, it was always going to be hard for the likes of Apple and Samsung to maintain their success and it appears it's the latter company that is struggling most to keep with the times as a recent earning call to shareholders (as reported by The Verge) has revealed the flagship Galaxy S9 is not selling as well as hoped.
Like other big electronics firms, Samsung faces challenges from the US-China trade war, falling prices of some memory chips and the rise of cheap Chinese-made handsets.
The chip business continued to deliver strong earnings, driven by demand for DRAM chips used in data centres and NAND flash memory for high-capacity storage, amid a softening of NAND prices.
As always, Samsung's semiconductor sector performed well as operating profit rose 45 percent YoY to 11.6 trillion won.
Disappointment over the latest figures was reflected in Tuesday's trade, with Samsung Electronics shares closing down 0.5% at 46,250 won.
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