According to the smart estimates, Samsung was expected to post an operating profit of 6.26 trillion won ($4.57 billion) for the quarter.

The South Korean technology giant has been struggling to catch up with smaller chip-making rivals SK Hynix and Micron Technology, which have benefited from brisk shipments of higher-end AI chips.

Samsung Electronics on Tuesday projected a 56% drop in second-quarter operating profit from a year earlier, missing analysts' estimates by far. Its chip business struggled with weak sales of artificial intelligence chips,

On Wednesday, July 9, Samsung Galaxy Unpacked will is expected to feature the reveal of new products, including this year's versions of Galaxy Z Flip and Z Fold phones.

The scaled-back Galaxy Z Flip 7 FE isn't likely to match the Flip 7's specs. It reportedly features 128GB and 256GB storage, plus a smaller 4,000 mAh battery. Surprisingly, it appears to have the same size cover and unfolded displays, which contradicts earlier reports that that it would be more similar to the Galaxy Z Flip 6.

Samsung is getting ready to unfold an updated smartphone portfolio on Wednesday, July 9th, at 10AM ET / 7am PT. The biggest thing coming, at least if the rumor mill has things nailed down right, will be a smattering of new foldables, and of course, Galaxy AI features. Wouldn’t be a big tech event without AI these days, right?