Samsung has reportedly decreased the number of phones it expects to produce this year by 10%, citing lower worldwide demand as a result of high inflation and discontent over the Ukraine conflict. Samsung had planned to ship 310 million phones by the end of the year, but a source in the company’s supply chain told Maeil Business News, South Korea’s primary daily business newspaper, that number has been trimmed to 280 million phones.

An expert at Shinhan Investment told the publication that Samsung will cut production by 35% in May and another 10% later in the year.

On Wednesday, a source claimed that Apple would make fewer phones than the 240 million predicted by analysts, a tiny but significant 20 million drop from last year’s 220 million iPhones. The report identified a number of global concerns, including geopolitical shifts, inflation, and exchange rate volatility, as well as component shortages and COVID disruptions, which have plagued the tech industry since the epidemic began in early 2020.

The Maeil research identifies fewer causes for the decline in phone demand, such as inflation dampening consumer spending and Eastern Europe’s sales being harmed by the Ukraine conflict. Even yet, if the revised aim of 280 million phones is met, Samsung will have shipped more phones than any other company last year, at 270 million.

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