Chinese group Xiaomi said Tuesday a 15% growth in its quarterly revenues, its slowest rate so far, as fewer people bought smart phones at home and their rival, Huawei took market share.
The company is facing a gloomy national smartphone market, even as China’s economic growth slows and Chinese consumers show support for beleaguered rival, Huawei.
Xiaomi’s stock has lost more than a quarter of its value so far this year and revenue in the second quarter ended June 30 rose to 51.95 billion yuan ($7.36 billion) from 45.24 billion a year earlier, That was short of the 53.52 billion expected by analysts, Refinitiv data showed.
Net income slumped 87 percent to 1.96 billion yuan. Still, adjusted profit of 3.64 billion yuan handily beat the 2.74 billion expected by analysts.
Xiaomi said total smartphone shipments in the second quarter rose to 32 million.
Market share of Huawei’s in China rose 31 percent in June, according to market research firm Canalys, while shares of Xiaomi fell by a fifth. But Canalys estimates that shipments from Xiaomi to Europe increased by 48%.
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16 November, 2019