Global smartphone shipments during the third quarter fell to their lowest level in 14 years, as a memory chip supply crunch pressured manufacturers to raise prices. As a result, consumers are keeping their devices for longer, and many have turned to refurbishments, an analyst at research firm Counterpoint said.
Soft demand has hit Apple, the world’s second-biggest supplier after Samsung, particularly hard — October data showed the US tech giant, which relies on phone sales for around 50% of its revenue, reduced orders for the iPhone 18 by 15-20%. But it’s not just Apple in trouble: Transsion, a Chinese maker of low-cost phones sold mostly in Africa, is also under pressure, with its shares falling 7% in their Hong Kong debut.