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.

Among those that gained market share in the quarter are Apple's Chinese rival, Huawei, which despite the strict U.S. sanctions against it, shocked the industry earlier this year with its Mate 60 Pro smartphone that uses an advanced domestically made chip. "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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