Global smartphone market slumps to lowest Q3 level in decade

- The global smartphone market contracted by 8% to its lowest third-quarter level in a decade on subdued demand for major brands including Apple and Samsung in most developed markets, according to data from Counterpoint Research.

The report fans fears that the market's ongoing slump could sap upcoming earnings at companies like Apple, whose shipments declined by 8% in the quarter. Market leader Samsung posted a 13% drop in sell-through volumes in the period. But overall shipments rose 2% industrywide from the second quarter, raising hopes that the market could snap its more than two-year run of year-on-year declines in the last three months of the year.

"Following a strong September, we expect the momentum to continue until the year-end beginning with full impact of iPhone 15 series," the market research firm said.

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