Samsung Electronics was officially deemed as one of the world’s worst-performing technology stocks this year with billions wiped off of its value as factors from increased smartphone competition to worries about the health of the semiconductor market have weighed on the company’s performance.

Shares of the South Korean giant are down over 11% this year, more than major U.S. and other Asian technology stocks. Over $39.4 billion has been erased from Samsung’s market capitalization year-to-date. It’s a far cry from the 41% rally Samsung shares saw in 2017.

Neil Shah, research director at Counterpoint Research, said Samsung has lost share in the major markets of China, Europe and the U.S., where it can command higher-than-average selling prices of phones. This has had a knock-on effect to its lower-priced models that it sells in countries like India and China.

“The premium S9 did not work well in those markets. So now the only market they can sell premium S9 in quantity is Korea, which is a very small market. The bulk of the issue is compounded because of softer premiums. If your halo device isn’t doing well it boils down to cheaper devices as well, because you lose the halo effect from the flagship,” Shah stated.