Korean consumer electronics manufacturer giant Samsung has decided to cut the prices of their flagship smartphones Galaxy S6 and S6 Edge due to its disappointing performance in the market.

IBTimes notes that after a poor performance in the second quarter of the year and an 8 percent dip in net profit, Samsung is rumored to cut down the Galaxy S6 and S6 Edge to save the sales growth of the company. The Galaxy S6 and S6 Edge were formally introduced to the market in March 2015.

Currently, Samsung's profitability dropped for five successive quarters, as stated in the company's second quarter financial report. Samsung fell 4 percent of its operating profits, amounting to $5.9 billion while the company's mobile phone arm dropped a massive $2.4 billion from the same period last year.

The company did not directly say that they will be cutting the price of their Galaxy S6 and S6 Edge but positively worded it as price adjustment, Independent reported.  Despite Samsung's aggressive campaigning about their 2015 flagship units, the Galaxy S6 and S6 Edge have fallen short to the iPhones and the cheaper Asian-made handsets, as tech experts analyzed it.

Another factor that might have contributed to the disappointing sales record was the Edge's curved display that has proved to be difficult to produce that ultimately led to shortages and low sales performance.

At this point in time, Samsung has yet to announce as to what percent the Galaxy S6 and S6 Edge's prices to be trimmed down. According to IBNLive, the Galaxy S6 (32GB) and S6 Edge (32GB) is still priced at roughly $623 and $750, respectively.

In addition, Samsung plans to release their 2015 flagship phablet The Galaxy Note 5 in August, which is a month earlier than Apple's usual September release of their new set of iPhones, with the hopes to outnumber the Cupertino-based giant with regards to sales.

Industry experts also suggests that since Apple is the clear winner with regards to the loyalty based and high-end customers, Samsung should look into the possibility to launch a more low end and middle end ranged models, in order to win back some of their market shares in the cheaper end of the trade.