Every major phone company is losing money right now, except Apple

As more people choose to keep their current phones, it’s been a difficult year for new phone sales. A new report shows how terrible it was for everyone. an Apple.

Results starting at Counterpoint Market Watch ServiceIt was revealed that the global mobile market revenue dropped by 3% in the third quarter 2022. The overall phone market saw a 12% decrease in phone shipments over the same period. However, it could have gone much worse.

Research shows that Apple was able to prevent a sharp decline of revenue from the global mobile telephone market due to the launch of the iPhone 14 series. Apple reported a 10% increase in revenue year-over-year and a 7% average selling price growth (ASP) in the third quarter 2022.

Apple’s rivals, Samsung saw its revenue fall 4% year-on–year in the third quarter 2022 despite shipments of its premium Flip and Fold series more than doubling. Oppo saw its ASP drop by 5% YoY while revenue fell by 27% YoY. Xiaomi made a small profit thanks to its low to mid-range phones.

The report also stated that 5G phones were able to increase ASP by 10% over the previous year, but this is also due to Apple. Senior Analyst Harmeet Singh Walia responded to these findings by saying:

The 5G phone market has contributed more than $80 billion to global mobile revenue. This is an increase of 69% from the third quarter last year. LTE devices’ revenue contribution decreased by 10% to $19billion during the same time period. Apple is the leader in this shift from 4G and 5G, as more than 95% its phones support 5G.

These results could be due a downturn of the economy. With inflation at an all-time high, many consumers have decided not to buy new phones. The biggest takeaway is that there seems to be no stopping people buying a new iPhone.