Samsung Electronics said Friday that its operating profit in the fourth quarter of last year was likely to be 6.1 trillion won ($5 billion), up by 15% from the same quarter a year ago.

The guidance is, however, lower than analysts’ estimates, and far lower than the around 80% growth in operating profit the company reported in the third quarter, indicating that slowing growth in China and mature smartphone markets may have affected the South Korean maker.

The bulk of volume and growth in the smartphone market will come from low to mid-range handsets, particularly in emerging markets, IDC said in October. Samsung has introduced a number of low-cost phones but it is up against low-cost Chinese players and local players in fast-growing markets like India.

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