Samsung's not just counting on the Galaxy S5 to attract buyers.
The South Korean electronics giant said it plans to launch two new high-end smartphones in the second half of the year. One will be a "very innovative new product in the large-screen space," Hyun-Joon Kim, senior vice president of Samsung's mobile communications business, said during a conference call with analysts following the company's dismal second-quarter earnings late Wednesday. He said the second will be "a very attractive new model that uses new materials and new displays."
Samsung also said during its earnings that it would introduce "a more diverse product portfolio" in wearables.
Kim didn't provide any details about the devices, but the bigger screen smartphone is likely the Galaxy Note 4. Samsung typically introduces its newest phablets, or phone-tablet hybrids, in the fall. The other premium device could be Samsung's much-anticipated metal smartphone that has been called everything from the Galaxy Alpha to the Galaxy S5 Prime.
We've contacted Samsung and will update the report when when we have more information.
The news about the devices came as Samsung posted a 25 percent drop in second-quarter operating profits, marking the third straight quarter of profit declines as competition heats up in the smartphone market. The company also warned the second half of 2014 would "remain a challenge" as competition in the mobile market leads to lower device prices and hurts its results.
"Prospects for growth remain unclear as competition over global market share intensifies in the mobile industry," the company said in a press release. "Samsung expects to see its sales of mobile devices increase with the rollout of flagship products and new models, but profitability may suffer due to a heated race over price and product specifications."
The period marked the first quarter of sales for Samsung's newest flagship smartphone, the Galaxy S5. The company vowed the device, which it unveiled in late February and started selling in April, would sell better than its predecessor, the Galaxy S4. Samsung in May revealed it sold 11 million Galaxy S5s in the first month of sales, outpacing the Galaxy S4 by 1 million units. There have been worries lately that Galaxy S5 sales are weaker than hoped, and Samsung hasn't released any updated shipment figures.
There also have been calls for Samsung to use more premium materials in its devices, such as metal.
The Wall Street Journal earlier reported about the two devices.