Samsung will reportedly release a handset with a flexible and foldable screen display by Christmas.

Flexible display is not new after the South Korean company released the Samsung Galaxy Note Edge sporting a curved screen display. The curved screen can be used independently from the main screen.

The tech company will just have to tweak the feature to allow it to be folded in half. This is backed up by Samsung's vice president of business strategic team Lee Chang-hoon who told investors that the foldable screen is not finalized yet. This does suggest that the feature is in the works and could be in the final stages of development.

"We will secure production capacity of 30,000 to 40,000 [flexible displays each month] by the end of next year. There will be no company [except Samsung] that has this great production capacity by 2016. [...] We plan to provide consumers with a product that has a flexible display by the end of the year. However, nothing has been decided on the finished product," Lee said at the Samsung Investor Forum 2014 in New York, as quoted by 9to5Google.

Aside from the curved screen, other features of the alleged smartphone are still unknown. However, it is most likely that the handset will come with the latest specs and features like Snapdragon 805 chipset, Adreno 420, Android 5.0 Lollipop OS, great camera and battery capacity.

The reason for the release of the smartphone is because Samsung is trying to salvage the company after its profits plummeted by 74 percent in the third quarter due to the declining sales of Galaxy handsets. Furthermore, Samsung's competitions increased with the emergence of Lenovo and Xiaomi.

Apart from releasing another handset to close the year, Samsung is also reported to cut the number of smartphones it will release by 30 percent. This is to lower the production cost and to avoid saturating the market. Moreover, Samsung is said to be aiming to restructure the company to gain more sales.