(NYTIMES) — The next big thing is here, as Samsung Electronics likes to say in its ads. But fewer people appear to be buying it.

Samsung, which is based in South Korea, on Tuesday published a financial earnings preview that forecast a profit of about 7.2 trillion won, or $7.1 billion, for the three months that ended in June.

While that is still a substantial chunk of money, the overall profit represents a decline of 24 percent from the same period a year ago. The profit forecast also missed analysts’ expectations of about 8 trillion won.

Samsung, in a rare move, issued a lengthy statement explaining the disappointing forecast. It blamed a slowdown in growth of the overall smartphone market as well as increased competition in China and in some European markets.

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