Chinese Smartphone Maker Transsion Posts 195% Profit Surge in Q3, Gains Market Share
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Transsion, a Chinese smartphone maker focused on emerging markets, reported a 195% increase in Q3 net profit to $247M on 39% higher sales.
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Transsion is led by billionaire George Zhu and went public in 2019. Its brands include Tecno, itel and Infinix.
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Transsion was the only top 5 smartphone maker to gain market share in Q3. Its share rose to 9% from 6% a year earlier.
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Samsung remained #1 in market share at 20%, while Apple was #2 at 17%. Xiaomi and OPPO tied for 4th at 9%.
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Canalys forecasts slowing growth in the smartphone market amid macro uncertainties, potentially causing component shortages.