Reports out of Korea suggest the Galaxy S8 has failed to outsell its predecessor in the first months of availability.

Financial publication The Bell, via The Investor, cited reports from industry analysts that put Galaxy S8 and S8 Plus sales at around 9.8 million units in the first two months. That’s 20 percent lower than the 12 million Galaxy S7 and S7 Edge’s that Samsung is estimated to have moved in the same period last year. According to the unnamed analysts, Samsung has reduced component orders, a sign of lackluster sales.

A Samsung official refuted the reports, pointing that the Galaxy S8 initially launched in a smaller number of markets compared to the wide global launch that the Galaxy S7 enjoyed. “We estimate S8’s sales volume to be similar to that of S7 for now,” the Samsung representative added.

If the analyst reports would be accurate, it would be a major reversal for the well-reviewed Galaxy S8. On May 16, Samsung announced it sold 5 million Galaxy S8 units in the first three weeks of availability, 20 to 30 percent higher than the Galaxy S7 and S7 Edge. To go from 20 percent higher to 20 percent lower, sales in the second month of availability must have been extremely poor, which is unlikely.

As always, the truth is probably somewhere in the middle. The Galaxy S8 is clearly a popular device, but the days of unbridled growth in the smartphone market are long over, even for Samsung.

In any case, it’s not like Samsung is suffering, at least financially. The company just estimated record profits for the second quarter. At $12.1 billion, Samsung is poised to beat Apple as the most profitable technology company in the world.