Weak quarter for Xiaomi smartphones but new releases should help a rebound
Xiaomi’s fourth quarter was below our expectations at the top line with revenue up 27% after growing at 64% in the first 9 months. Operating profit of CNY 1.185 billion was also down sharply on the CNY 2.532 billion reported in the third quarter. The revenue slowdown was driven by smartphone revenue which slowed to 7% year-on-year growth and fell 28% sequentially from the third quarter. The two key reasons given for the weak smartphone performance were a focus on the Redmi brand separation from ...XIAOMI CORPORATION is a China-based investment holding company principally engaged in the research, development and sales of smartphones, Internet of things (IoTs) and lifestyle products, the provision of Internet services, and investment business. The Company mainly conducts its businesses through four segments. The Smartphone segment is engaged in the sales of smartphones. The IoT and Lifestyle product segment is engaged in the sales of other in-house products, including smart televisions (TVs), laptops, artificial intelligence (AI) speakers and smart routers; ecosystem products, including IoT and other smart hardware products, as well as certain lifestyle products. The Internet service segment is engaged in the provision of advertising services and Internet value-added services. The Others segment is engaged in the provision of repair services for its hardware products. The Company distributes its products in domestic market and to overseas markets.
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