Chinese smartphone manufacturer Xiaomi shipped 32 million smartphone units to Chinese and international markets in the second quarter of 2019, but saw revenues fall short of analysts' expectations…
Chinese smartphone manufacturer Xiaomi shipped 32 million smartphone units to Chinese and international markets in the second quarter of 2019, but saw revenues fall short of analysts' expectations.
Revenues for Q2 2019 stood at 51.95 billion yuan ($7.35 billion), an increase of 15 per cent but just short of the 53.25 billion yuan ($7.54 billion) predicted by analysts from Refinitiv.
Xiaomi's slowing growth has been attributed to the prolonged spat between the US and China, which has inculcated a ground swell of support for Huawei in the Chinese market. Huawei's market share rallied by 31 per cent during the second quarter of 2019, as Chinese consumers showed their support for the under-siege tech firm.
Shares in Xiaomi have plummeted in recent months, with the company's stock losing 23.8 per cent of its value since the 24th April. This morning, the company's shares were trading at HK$9.41 on the Hong Kong stock exchange.
Xiaomi began publicly trading its shares last year, when it raised $54 billion at its initial public offering, which was substantially lower than analysts' expectations.
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