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Apple hard hit as global smartphone shipments sees a freefall

The smartphone industry is in rough shape & of all, Apple seems to be hard hit with 23.2% year on year. It's the largest single-quarter decline in the history of the iPhone. Apple's shipments fell in the US as trade-in initiatives failed to offset longer consumer refresh cycles. It is using discounts in European markets to prop up demand. Huawei continues to be at the bright spot with 50.2% year over year growth.