Samsung had a rough go of it in the second quarter as its profits dropped along with its smartphone shipments.

The second quarter financial results for Samsung are not all sunshine and roses. The company had previously warned that Q2 didn't "look too good," and that prediction came true when it released its report. But don't think that the South Korean company will be closing its doors any time soon.

Samsung reported operating profits of 7.2 trillion won (approx. $7.1 billion USD), a 24 percent drop from the same quarter last year. It also missed analyst estimates of $8 billion USD. Part of this shortfall the company said was caused by the appreciation of the won against the U.S. dollar and the Euro.

Going by shipments of its smartphones, Samsung reported that is shipped 78 million units in the second quarter, down from the 87.5 million it shipped in the first quarter. The company stated that part of this shortfall was due to declining sales in its low and mid-range handsets due to the increasing competition from other manufacturers. It did note, however, that flagship devices are doing well, singling out the Galaxy S5 as selling faster than any other handset it has ever released.

Samsung stated that it is cautiously optimistic about the third quarter which will end in September.