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Samsung is reportedly building a smaller and cheaper phone with a folding screen

Key Points
  • Samsung is reportedly building a smaller and more affordable version of the Galaxy Fold.
  • The launch could be canceled if the Galaxy Fold doesn't sell well.
  • The Galaxy Fold was delayed past its April launch after reviewers found it broke easily. It's now set to launch in September.
Samsung Galaxy Fold
Todd Haselton | CNBC

Samsung is working on a folding phone that may cater to buyers who find its Galaxy Fold device too expensive, according to Bloomberg.

The newer model, which Bloomberg said may not launch if the Galaxy Fold fails to sell well, is reportedly cheaper and will have a 6.7-inch display that can fold into a "pocketable square." The main screen will have dimensions similar to a traditional phone when it's open, instead of a large rectangle, like the Galaxy Fold, according to the report.

Samsung's Galaxy Fold, the company's original $2,000 phone with a foldable display, was supposed to launch in April but was delayed until its new launch set for sometime in September. Samsung pushed the release to improve the screen hinge. Reviewers, including CNBC, found that the first model was prone to severe damage that prevented the screen from working at all.

The smaller version sounds like a foldable iteration of the Galaxy Note 10+, which has a similarly sized 6.8-inch display. The Galaxy Note 10+ is really big, so having an option to fold it down and slip it into a pocket could be appealing to people who don't like carrying large phones.

Samsung was not immediately available to comment.

Read more on Bloomberg.

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CNBC's Samsung Galaxy Fold test phone breaks after two days