TAIPEI (Taiwan News) — Taiwanese fabless chipmaker MediaTek was ranked fifth in the world among integrated circuit (IC) designers during the first quarter, according to tech research firm TrendForce.

MediaTek’s overall revenue during the first quarter fell to US$3.15 billion (NT$97.8 billion), representing an 8.8% quarter-on-quarter decline. Its market share fell to 9.3% from 10.2% a quarter earlier.

The Taiwanese chipmaker was affected by slowing smartphone production and ongoing inventory adjustments, said TrendForce. It saw a 20% decline in chips for smartphones and a 13% decline in its power management IC business.

Its business in smart edge platforms benefited from replenishment of TV-related inventory, helping its revenue remain close to numbers during 4Q23, the report found. TrendForce noted that while MediaTek’s quarterly decline was less extreme than in the previous quarter, it was greater than its top five competitors.

The report found that Qualcomm ranked first during Q123 in terms of revenue and market share (23.5%), followed by Broadcom (20.4%), Nvidia (19.9%), and AMD (15.8%).

Looking at the sector as a whole, TrendForce said inventory reduction in the first quarter fell short of forecasts and coincided with the industry’s traditional off-season, leading to reduced demand. Meanwhile, new product releases and a jump in urgent orders for specialized specifications allowed first-quarter revenue for the top ten IC designers to come in at US$33.86 billion, representing a 0.1% increase from a quarter earlier.