11% in the first quarter, the worst drop since the coronavirus outbreak, after inflation fears, Russia’s invasion of Ukraine and the Omicron variant derailed an unsteady recovery for the sector.
The major slowdown was due in part to China’s pursuit of a Covid Zero policy that’s impacted both demand and supply in the world’s biggest smartphone market, with domestic manufacturers struggling to secure components for their entry-level devices, the researchers found. “Vendors face major uncertainty due to the Russia-Ukraine war, China’s rolling lockdowns and the threat of inflation. All this added to traditionally slow seasonal demand.”
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: