Samsung's new Galaxy S5 smartphone is expected to outsell its predecessor and best predictions that the company's latest smartphone will struggle in most locations.

"S5 sales should be much better than the S4," said Yoon Han-kil, senior vice president of Samsung's product strategy team, according to Reuters.

The largest smartphone maker in the world cut prices for its S5, as its now offering a bundle gift pack worth $600 to help increase sales.

Samsung's mobile business generates 70 percent of its total profit, according to Reuters. The smartphone maker recently confirmed that the device will be sold in 125 counties, which is double the initial amount.

A big launch is important for Samsung, which reported its second consecutive quarter of profit decline a few weeks ago. Chinese rivals have put pressure on Samsung lately, offering cheaper devices with the same capabilities.

"(The S5) is selling faster than the S4 so far, though it's difficult to share specific numbers as we're still at early stages," said Han-kil.

Samsung has not announced sales targets for its S5, but over 10 million S4s were sold during the first month of the device's launch, according to Reuters. The new phone is expected to do significantly better than that.

"With the S4, we thought smartphones shouldn't just focus on hardware. They also had to come with a lot of software and services, and that line of thinking did lead us to cram many services into the device," Han-kil said. "We still feel the same way but this time around, we decided not to put in so many things and only include what the user really needs, so I cut out a lot of services and software."

Galaxy S5 devices were shipped with 40 apps installed to carriers opposed to 50 in previous models. Samsung said this was decided because the company wanted to focus on providing key enhancements like a better camera, "ultra power-savings mode," which turns off unnecessary apps when the battery runs low, and water-resistance.

Though Samsung is working on a number of new things, like wearable devices and linking devices with cars, it is hoping new variations of its flagship devices will satisfy customers for now.

"Our ultimate goal is to make products that consumers really aspire to have. This is how we are trying to find a breakthrough in the stagnant premium market," the senior VP said.

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