Samsung Electronics said on Wednesday it will unveil its latest foldable smartphone series next month, as the tech giant aims to achieve a breakthrough in the stalled smartphone business.

The next-generation foldable smartphones, Galaxy Z Flip 4 and Galaxy Z Fold 4, are expected to be showcased during the Galaxy Unpacked online event, “Unfold Your World,” slated for August 10.

The event’s teaser promo video, released on Wednesday, said nothing about the specifications of the upcoming phones.

The clamshell-style Galaxy Z Flip 4 appears to have a slightly thinner hinge that joins the two halves of the phone than its previous model that came out about a year ago, reports Yonhap news agency.

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The new smartphone series will come at a time when the world’s largest smartphone maker, like many other consumer devices companies, is facing headwinds from global economic woes that have left consumers with less money to spend on nonessential goods.

Samsung’s smartphone shipments are estimated to be around 61 million units in the second quarter, a 16 per cent drop from the previous quarter.

The second-quarter operating profit of the company’s smartphone division is forecast to drop $459 million from a year ago to 2.6 trillion won.

According to industry tracker Counterpoint Research, Samsung will dominate the market with a 75 per cent market share until 2023.

Apple is also being speculated to enter the foldable market in the coming years.

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