Samsung Electronics recently announced that its projected operating profit for the second quarter is anticipated to fall below analysts’ expectations due to stiff competition in the smartphone market. The estimated operating profit for the quarter ending June 30 is 6.9 trillion won ($6.1 billion), marking a 4.2 percent decrease from the previous year, as stated in a regulatory filing by the South Korean tech giant.

The revenue forecast for this period is approximately 48 trillion won, below analysts’ average predictions of 53 trillion won. This guidance release precedes Samsung’s full earnings report later this month and does not offer detailed divisional results.

This would signify the seventh consecutive quarterly decline in year-over-year profits for Samsung, which had previously enjoyed five quarters of record-breaking profits but has faced challenges lately as consumers prefer competitors like Apple over its devices. While smartphone shipments once accounted for two-thirds of Samsung’s operating profit, they now contribute less due to increased competition from companies like Xiaomi and Huawei in emerging markets.

During the first quarter of 2015, Gartner reported a drop in both Samsung’s smartphone sales volume and market share. The company sold 81.1 million smartphones during that period, down by 4.4 million units compared to a year earlier; its market share also decreased from 30.4 percent to 24.2 percent between Q1 of 2014 and Q1 of 2015.

Following a disappointing first quarter with declining operational profits and sales figures, Samsung was optimistic about turning things around with its Galaxy S6 and S6 Edge flagship models released in April—a move applauded by critics owing to their innovative features such as metal casings (a departure from traditional plastic) and curved screens on the Edge model.

Despite high expectations set forth by JK Shin, head of Samsung’s mobile division, regarding record-breaking unit sales for the S6 line-up—particularly for the popular Galaxy S6 Edge—the latter was expected to face supply shortages throughout the year due to high demand compounded by production complexities associated with crafting its unique screen design.