The European smartphone market declined 12% in the first quarter of 2022, registering one of the lowest shipments in nearly a decade.
What Happened: A report from Counterpoint Research showed that electronic giant Samsung Electronics Co's (OTC:SSNLF) shipments fell by 16%, and Apple Inc's (NASDAQ:AAPL) declined 6% in the European region. Realme was the only top-five vendor that registered an annual shipment growth during the first quarter, Reuters reported.
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The research firm said that the massive decline in sales resulted from ongoing chip shortages, COVID-19-related lockdowns in China, deteriorating economic conditions, and the onset of the Russian invasion of Ukraine.
Jan Stryjak, Counterpoint Research's associate director, "Rising inflation levels across the region are impacting consumer spending, while Samsung and Apple, Russia's first and third-ranked smartphone vendors, halted all shipments into Europe's largest market in early March 2022."
Pain Not Easing Soon: Counterpoint Research expects annual growth in smartphone shipments in Europe to continue to decline for the next few quarters, especially in the second quarter.
Price Action: According to data from Benzinga Pro, Apple shares traded 0.76% higher at the time of writing on Wednesday.
