Samsung is feeling the pain as cheaper Chinese rivals – Lenovo among them – snatch market share.

The Korean firm issued a weak quarterly earnings guidance Tuesday that makes it very likely it will be reporting the worst results in two years. Specifically, the smartphone maker anticipates a profit of about $7.1 billion for the three months ending in June, a decline of 24 percent from a year ago.

And that has analysts saying Samsung may need to slash prices.

Recent predictions from research…