After posting seven straight quarters of earnings growth, Samsung Electronics Co. Ltd. said late Thursday that it’s expecting profits to decline in its fiscal second quarter.

The company’s revenue was hit by slowing sales of its premium smartphones and reduced demand for its display panels.

In its second-quarter earnings guidance, Samsung said it’s expecting an operating profit of 14.8 trillion won ($13.2 billion), falling short of expectations. The figure represents a 5 percent decline from its previous quarter, when operating profit hit an all-time high of 15.6 trillion won. The company also said sales fell by 5 percent from a year ago, to 58 trillion won.

The disappointing quarter brings an end to a record-breaking earnings streak for Samsung that began in the fourth quarter of 2016. That streak was primarily fueled by its lucrative memory chip business, which profited from increased demand from device manufacturers thanks to a reduced supply in the industry.

Samsung’s share price is down 2.4 percent at the time of writing, suggesting that investors haven’t taken the news too well.

Analysts have also lowered their views on Samsung, the Financial Times reported. Samsung’s recently launched Galaxy S9 smartphone has seen the lowest sales of any flagship device since Samsung began selling its Galaxy S3 model. Experts expect shipments of just 31 million units this year because of a lack of significant innovation with the S9.

Samsung remains the world’s No. 1 smartphone maker with more than a fifth of the global market, but it’s facing increasing pressure from Chinese rivals such as Xiaomi Inc. and Oppo Electronics Corp., which sell similar devices at a cheaper price point.

Samsung was also hurt by a fall in prices for its liquid crystal display panels, which are used in both TVs and smart devices.

Still, the disappointing quarter is likely to be a temporary blip on Samsung’s balance sheet, as analysts told the Financial Times they expect its profits to rebound in the second half of this year. They predict further strong demand for its memory chips and higher sales of its smartphones and display panels as new models are launched.

Samsung said it will publish its full second-quarter earnings later this month.

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