Samsung (OTC:SSNLF) CFO Lee Sang Hoon recently warned that its second-quarter earnings may be "not that good." That's a pretty blunt assessment, but it's not without reason.

As Bloomberg reported, "Samsung's smartphone shipments fell to 78 million units in the second quarter from 87.5 million units in the previous quarter, according to estimates from IBK Securities Co." 

Not that good.

In the following This Week in Tech video, The Motley Fool's general manager, Eric Bleeker, and tech bureau chief Max Macaluso analyze Samsung's recent revelations, what recent Google (NASDAQ:GOOG) (NASDAQ:GOOGL) announcements mean for the South Korean tech giant, and the company's next phase of growth.

Eric also notes that while Samsung might be struggling in smartphones, its lack of success is baked into its current share price. The company trades at an astoundingly low 6.5 times earnings. For comparison, Apple (NASDAQ:AAPL) trades at about 15.5 times earnings. Back out Samsung's cash, and it trades at almost four times earnings. That's significantly cheaper than Apple ever was even when its shares were trading at 60% of their current level last summer. 

So, while Samsung's quarter might have not been "that good," investors are expecting the worst is yet to come.