Apple ^[1] and Samsung Electronics ^[2] have pushed Nokia ^[3] from the top of the smartphone sales rankings.

According to sales figures released last week, Apple sold a record of 20.3 million iPhones last quarter, and analysts estimate that Samsung sold 19 million. South Korea-based Nokia’s sales slumped at 16.7 million phones.

Though Nokia is still the world’s largest cell phone maker by volume, its sales have been steadily shrinking and are down 20 percent from last year. This slump closed the gap between Nokia and Finnish cell phone maker, Samsung, which some analysts suspect will become the world’s largest vendor next year.

Overall growth of the cell phone market slowed between April and June because customers are reigning in spending. Sales of basic phone models dropped for the first time in seven quarters, while demand for smartphones slowed to 11.3 percent, down from 16.8 percent last quarter.

Read more at Reuters ^[4].