2Q earnings 'not that good' says Samsung CFO

Samsung's second-quarter earnings are expected to be "not that good," according to the company's Chief Financial Officer Lee Sang Hoon.

The comment was first reported by South Korean media and later confirmed by a company spokesperson.

Analysts had been expecting that the world's largest smartphone manufacturer would post operating profits of around $8.2 billion in the three months ending June, but these comments suggest that earnings will be lower than predictions.

Samsung has been feeling the pinch lately, squeezed between the Apple iPhone at the high end of the smartphone market, and budget Chinese handsets at the other. The pressure is such that it resorted to bundling as much as $600 worth of extras with its flagship Galaxy S5 in order to encourage sales.

Despite having sold about one of every three smartphones shipped globally last year, Samsung is dabbling in luxury televisions and investing in memory chip production to diversify away from smartphones and tablets.

Samsung's Q2 earnings were expected to be released at the end of July, but the company is now expected to make a preliminary report by next week.