Global smartphone shipments fell 8 percent annually to 360 million units in the third quarter, according to Strategy Analytics. Samsung remained market leader with a 20 percent global market share, ahead of Huawei in second place, while Xiaomi and Oppo rose to record highs in fourth and fifth places.

The market researcher said the smartphone market “is effectively in a recession”, after four consecutive quarters of falling shipments. The industry is struggling to come to terms with heavily diminished carrier subsidies, longer replacement rates, inventory buildup in several regions, and a lack of exciting hardware design innovation, according to Strategy Analytics.

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