The Samsung Galaxy S6 release date may happen sooner rather than later as the South Korean tech company is bound to suffer an ugly third quarter after its earnings plummet.

Samsung is heading to what could be its hardest quarter this year brought about by stiff competition from big players in the market like Apple as well as other promising companies like Xiaomi.

"We all know Samsung's third-quarter earnings will be pretty ugly. The earlier release of its new phones could be reflected in its third-quarter earnings, it could give them a slight boost," Bloomberg cited Seoul-based analyst Claire Kim.

The decrease in the company's earnings is attributed to the release of new smartphones at par or far greater than Samsung devices. In the past, Samsung boasted larger screen display compared to Apple's handsets. However, Apple surprised everyone at its press launch last month when it released two new handsets with larger screen displays.

That is why Samsung had moved up the release of Samsung Galaxy Note 4 to the end of September in order to help boost the dipping earnings of the company. The phablet is now available in its home court in Korea, and will roll out in other countries this month. However, it seems that the company will need more reinforcements.

This leads to speculations that Samsung will release the successor of Samsung Galaxy S5 soon to help boost the sales of the company. Moreover, the handset will battle head on with iPhone 6 and will complement its big brother, the Galaxy Note 4.

Samsung Galaxy S6 is pegged for release in early 2015, most probably in February at the IFA 2015 event and will hit store shelves the following month. Samsung Galaxy S6 is rumored to pack a sturdier and more durable metal casing as well as upgraded features such as a more powerful processor, a new mobile operating system, and a better camera.