Cellphone makers shipped 303 million units worldwide in Q3, which is down slightly from the previous quarter, according to data released by Strategy Analytics today. Marking the wireless industry’s weakest growth rate since 2002, sales were up only 5 percent from a year ago. That compares to the past few years when the industry’s enjoyed near 20 percent growth rates. Even the first half of this year, cellphone sales were up more than 15 percent from last year. And the third quarter is typically one of the strongest for the industry, as stores begin stocking their shelves ahead of the holiday-buying season.

The firm said a slowdown in emerging markets was mostly to blame for the decline. Four of the top six vendors grew at 5 percent or less from the year prior. Apple (NSDQ: AAPL) and Samsung outperformed the rest with annual growth rates of 516 percent and 22 percent respectively. And, Sony (NYSE: SNE) Ericsson (NSDQ: ERIC), Motorola (NYSE: MOT) and LG (SEO: 066570) all declined.

—Nokia (NYSE: NOK) shipped 118 million handsets in the quarter, up 5 percent from the year prior. However it lost market share in every region and continues to miss opportunities in the U.S. where smartphone sales are especially strong.

—Samsung shipped 52 million handset, up 22 percent from last year. The company’s market share climbed to 17 percent and volumes increased in North America and Western Europe but were lackluster in emerging markets.

—Sony Ericsson sold 25.7 million handsets in the quarter, which marks a 1 percent decline.

—Motorola shipped 25.4 million handsets, a painful 32 percent decline from last year.

—LG shipped 23 million handsets, marking a 17 percent decline.

—Apple shipped 6.9 million handsets in a quarter that saw the new entrant beat out BlackBerry-maker Research In Motion for the sixth spot.