Xiaomi Still Looking to Grow Its Internet Services to Shed Hardware Manufacturer Label
Xiaomi’s third quarter was in line with our expectations at the top line with revenue up 49% but slightly below on profitability with underlying EBIT down 8%. Revenue was driven by strong growth in hardware with smartphones up 36% and Internet of Things and Lifestyle products up 90%. Our view that Xiaomi is predominantly a hardware company was backed-up with Internet services representing only 9% of revenue and the underlying operating profit margin of 5% is what we would expect from an electron...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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