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North American smartphone shipments down 6% in Q2

Yahoo Finance's Akiko Fujita breaks down the chart of the day on the smartphone market in North America.

Video Transcript

[MUSIC PLAYING]

AKIKO FUJITA: It is time now for our Chart of the Day. And today, we're taking a look at the smartphone market in North America, ahead of that all-important Apple event later this afternoon. The picture certainly is not a good one. This chart pretty much says it all. We have seen shipments in the second quarter dropping more than 6%, according to Canalys, as consumers pull back on spending because of high inflation.

North America, obviously, one of the more lucrative markets for Apple, and there's some good news and bad news for Apple in this chart. Apple deliveries actually grew 3% in the region, with the iPhone continuing to dominate the market.

But things could get a little tricky for the company. Canalys says decreasing purchasing power could force buyers that would normally consider devices costing between $250 to $600 to look for cheaper alternatives because of the financial pressure consumers are facing. With the competition on the low end heating up, Canalys says they expect vendors to invest heavily in marketing and offer promotions and bundles to clear up inventory.