OPPO, Vivo, and Xiaomi saw double-digit YoY declines in their smartphone revenues, according to Counterpoint.
The top five handset makers contributed around 80% of the total revenue as global handset revenues saw a decline of 2% YoY and 15% QoQ to $95.8 billion.
In the wake of weakening demand, inflation, continued geopolitical tensions, and ongoing supply chain constraints, the smartphone industry continues to face increasing headwinds from many fronts which have since impacted the growth of smartphone revenue in 2022.
OPPO, Vivo, and Xiaomi also had a hard time pulling in operating profits as they also saw a significant double-digit decline in Q2 2022.
Although global operating profits (total earnings from core business functions) grew 6% YoY to $13.1 billion in the second quarter amidst the woes of handset revenues seeing a decline.
Samsung and Apple were the only two brands of the top five smartphone makers that recorded revenue growth of 25% and 3% YoY respectively, also recording a YoY growth in operating profit.
A fall in global handset shipments due to factors including Chinese lockdowns and ongoing geopolitical uncertainty caused the revenues to decline despite the average selling price (ASP) going up by 6% in the same period.