Beancounters at Trendforce said that overall NAND manufacturing industry's revenue dropped 24.3 per cent quarter-over-quarter.
The NAND Flash industry recorded total revenue of around US$13.71 billion for 3Q22, which Trendforce linked to below-expectation numbers in terms of overall shipments of end products, such as consumer electronics, workstations, and servers.
This was because few manufactures thought they could shift enough electronics while people were worried about freezing to death because power companies were increasing their electricity bills.
3D NAND shipments dropped 6.7 per cent during the quarter as per the research, but this then led to a drop in average prices of 18.3 per cent as manufacturers looked to reduce prices as part of efforts to make their products more appealing.
This decline was felt differently among manufacturers. South Korean hardware giant SK Group's revenue slipped by 29.8 per cent quarter-over-quarter to $2.54 billion, placing it number three in the ranking of NAND memory manufacturers.
Samsung remained at the top of NAND manufacturers with a 31.4 per cent market share, shifting $4.3 billion of hardware for the period, despite sales declining 28.1 per cent quarter-over-quarter.
Western Digital saw its revenue fall by 28.3 per cent QoQ to $1.72 billion, while Micron registered a 26.2 per cent revenue drop to $1.69 billion.
Trendforce thought that the market was going to be a dumpster fire in the near future due to high inventory and falling prices. It predicts a further decline of almost 20 per cent in its total revenue for the fourth quarter. Still it is a good time to buy if you need some memory.