In Q3 2023, HMD’s worldwide handset shipment dropped marginally by 1% YoY. Handset ASPs decreased annually for the first time in the past nine quarters, and smartphone ASPs fell to the lowest point in two years in Q3 2023, making it difficult for Nokia to position itself as a premium mid-tier brand. Due to shipments and ASP declines, it is no wonder HMD’s handset revenue registered an annual recession this quarter.
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