Global smartphone market shrank annually for first time in Q1

Global shipments of smartphones shrank 3 percent in the first quarter from a year earlier in the market's first year-on-year contraction on record, researcher Strategy Analytics said on Thursday, reflecting growing strains on the industry.

Strategy Analytics said in a statement January-March shipments fell to 334.6 million devices from 345 million in the same period a year earlier, as major markets such as China matured and concerns about the global economy weighed on consumer sentiment.