Worries over Samsung's smartphone business deepen as the South Korea-based electronics giant missed earnings forecast for the second quarter.

Samsung Electronics Co Ltd on Friday announced an increase of 47 per cent in profit for the April to June quarter to 9.5 trillion won (around $8.3 billion). It was the company's record quarterly profit. But it missed analysts' average forecast of 10.16 trillion won.

Most analysts expect the company to report higher profits in the third and fourth quarter of this year as the sales of the company's widely popular Galaxy S4 smartphone gain momentum.

However, as the company has missed analysts' forecast for the past quarter, many believe that it may also fail the meet forecasts in the coming quarters. Moreover, the high-end smartphone market is becoming increasingly saturated and more and more manufacturers are offering cheaper alternatives to high-end smartphones.

Commenting on Samsung's newly published quarterly results, Meritz Securities' analyst Lee Sei-chul said, "The slowdown in the handset business appears to be worse than expected and the disappointing result simply re-indorses the market view that Samsung's smartphone growth momentum in slowing."

However, HMC Investment Securities' analyst Nho Geun-Chang said that Samsung spent more than expected on marketing the Galaxy S4, which led the manufacturer's results to miss the analysts' forecast.