Worldwide smartphone shipments declined 14.6% in Q1, IDC says

Worldwide smartphone shipments declined 14.6% year over year to 268.6M units in the first quarter of 2023 , according to preliminary data from the International Data Corporation, IDC, Worldwide Quarterly Mobile Phone Tracker. This marks the seventh consecutive quarter of decline as the market continues to struggle with lukewarm demand, inflation, and macro uncertainties. While the decline is more than the 12.7% IDC previously forecasted, the results aren’t surprising. Inventory has remained elevated across regions, however it is in significantly better shape compared to six months ago thanks to reduced shipments and heavy promotional activities. "The industry is going through a period of inventory clearing and adjustment. Market players remain cautious deploying a conservative approach rather than dumping more stock into channel to chase temporary gains in share. I think is the smart thing to do if we want to avoid an unhealthy situation like 2022," said Nabila Popal, research director with IDC’s Worldwide Tracker team. "While we are optimistic about recovery by the end of the year, we still have a tough 3-6 months ahead. Everyone is anxious about exactly when the tide will turn and wants to be first to ride the wave of recovery. However, it’s a tricky situation. Anyone who jumps in too soon will drown in excess inventory. Now more than ever, it’s important to keep a close pulse of market. Barring unforeseen elements, IDC expects the market to cross into positive territory in the third quarter and see healthy double-digit growth by the holiday quarter." Publicly traded companies in the space include Apple (AAPL), Samsung (SSNLF), Lenovo (LNVGY), Xiaomi (XIACF) and Alphabet (GOOG). Reference Link