Have we reached peak smartphone? Are we just impossible to impress any more thanks to a case of been-there, seen-that with most handsets? Maybe it’s that more of us are hanging on to our devices for longer than ever — and maybe it’s a little of all of the above. Whatever the reason, though, global smartphone shipments were down again in the third quarter, the fourth consecutive slump in shipments.

Market research firm Strategy Analytics is out with new data showing a year-over-year decline of 360 million units, the equivalent to an 8 percent dip, in the third quarter, with Strategy Analytics director Linda Sui going so far as to declare the smartphone market “effectively in a recession.”

“The smartphone industry is struggling to come to terms with heavily diminished carrier subsidies, longer replacement rates, inventory buildup in several regions, and a lack of exciting hardware design innovation,” she said.

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