Samsung announced on Monday that it expects to report its seventh straight decline in profit during its second quarter financial report. Samsung believes its operating profit will miss analyst expectations at 6.9 trillion won ($6.1 billion) for the three month period ending June 30.

That will be a 4.2 percent decline from the same period one year ago, according to Samsung's regulatory filing. Bloomberg's compilation of analyst estimates had put the company's operating profit at 7.2 trillion won. Analysts had also expected Samsung to report 53 trillion won in revenue for the quarter but Samsung will report 48 trillion instead.

Samsung didn't break down profit and revenue by division in this filing. A drop in smartphone shipments has had a big impact on Samsung's financials since smartphones used to account for two-thirds of Samsung's operating profit.

Prior to these seven quarters of decline, Samsung had five straight quarters with record profits.