Xiaomi Reports Strong Sales Growth but Weak CNY and Higher Memory Costs Crimp Margins
Xiaomi's second quarter was slightly ahead of expectations at the top line with revenue up 75.4% but below on profitability with underlying EBIT down 4%. The result included one-off share-based compensation of CNY 9.9 billion in the form of 640 million shares valued at CNY 9.9 billion to Smart Mobile Holdings, a firm controlled by CEO Lei Jun, which we have excluded from our underlying calculations. There were no performance hurdles associated with this share issue and no public release of the r...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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