ANL 12.54 Decreased By ▼ -1.01 (-7.45%)
ASC 12.70 Decreased By ▼ -0.62 (-4.65%)
ASL 13.46 Decreased By ▼ -0.56 (-3.99%)
BOP 8.38 Increased By ▲ 0.02 (0.24%)
BYCO 5.96 Decreased By ▼ -0.18 (-2.93%)
FCCL 17.08 Decreased By ▼ -0.53 (-3.01%)
FFBL 24.05 Decreased By ▼ -0.85 (-3.41%)
FFL 9.97 Decreased By ▼ -0.28 (-2.73%)
FNEL 9.25 Decreased By ▼ -0.55 (-5.61%)
GGGL 14.00 Decreased By ▼ -1.30 (-8.5%)
GGL 27.05 Decreased By ▼ -2.45 (-8.31%)
HUMNL 5.73 Decreased By ▼ -0.17 (-2.88%)
JSCL 15.00 Decreased By ▼ -1.00 (-6.25%)
KAPCO 31.60 Decreased By ▼ -0.45 (-1.4%)
KEL 3.22 Increased By ▲ 0.05 (1.58%)
MDTL 2.09 Decreased By ▼ -0.12 (-5.43%)
MLCF 32.75 Decreased By ▼ -1.64 (-4.77%)
NETSOL 90.21 Decreased By ▼ -5.29 (-5.54%)
PACE 4.10 Decreased By ▼ -0.15 (-3.53%)
PAEL 20.51 Decreased By ▼ -0.92 (-4.29%)
PIBTL 7.25 Decreased By ▼ -0.35 (-4.61%)
POWER 6.39 Decreased By ▼ -0.21 (-3.18%)
PRL 11.95 Decreased By ▼ -0.74 (-5.83%)
PTC 8.80 Increased By ▲ 0.05 (0.57%)
SILK 1.17 Decreased By ▼ -0.08 (-6.4%)
SNGP 37.70 Decreased By ▼ -0.98 (-2.53%)
TELE 14.85 Decreased By ▼ -1.03 (-6.49%)
TRG 77.68 Decreased By ▼ -4.05 (-4.96%)
UNITY 22.90 Decreased By ▼ -0.80 (-3.38%)
WTL 2.03 Decreased By ▼ -0.02 (-0.98%)
BR100 4,381 Decreased By ▼ -20.35 (-0.46%)
BR30 16,863 Decreased By ▼ -630.48 (-3.6%)
KSE100 43,233 Decreased By ▼ -1.32 (-0%)
KSE30 16,718 Increased By ▲ 20.28 (0.12%)

Coronavirus
LOW Source: covid.gov.pk
Pakistan Deaths
28,761
824hr
Pakistan Cases
1,286,453
43124hr
0.98% positivity
Sindh
476,494
Punjab
443,379
Balochistan
33,491
Islamabad
107,848
KPK
180,254

SHANGHAI: China's Xiaomi Corp on Tuesday reported a smaller-than-expected 8.2% rise in third-quarter revenue as smartphone sales growth stalled amid intensifying competition from rivals.

Shares fell nearly 7% at the market's open on Wednesday.

The company, which gets the vast majority of its revenue by selling mobile handsets, said smartphone revenue rose 0.4% to 47.8 billion yuan ($7.49 billion) in the three months to Sept. 30.

Yet smartphone shipments fell 5.8% on the year in the third quarter to 43.9 million units. The company pointed to the global chip shortage as the cause of the decline.

On an earnings call, Xiaomi president Xiang Wang said that the company is "working hard" to obtain supplies for 4G handsets in overseas markets.

He added that he expects the shortage to persist into the first half of next year, though he still anticipates Xiaomi will "maintain very high growth" in 2022.

Overall sales rose to 78.06 billion yuan in the July-September quarter, missing a market estimate of 79.20 billion yuan from Refinitiv.

Xiaomi, which had managed to grab market share in China after the retreat of sanctions-hit rival Huawei Technologies Co Ltd, has recently lost ground to not just top-sellers Oppo and Vivo, but also Huawei spinoff brand Honor.

Honor edged past Xiaomi to grab the No. 3 spot in terms of smartphone market share in China in the July-September quarter, according to Canalys.

Xiaomi's shipments in China grew just 4% year-on-year in the period, Canalys said. Overall smartphone sales in the country fell 5%.

Xiaomi has responded to the competition with aggressive pushing into brick-and-mortar retail. Last month, the company opened its 10,000th store in China, and committed to tripling that count over the next two to three years.

The company, which said in March it would spend $10 billion to enter the electric vehicle (EV) market, said on Tuesday it expects to launch mass production of EVs in the first half of 2024.

Xiaomi also makes money by selling online ads and other types of consumer hardware. Growth in its internet services unit, which makes money primarily by placing ads across various apps, jumped 27% year-on-year.

Excluding one-time gains and losses, Xiaomi earned 5.18 billion yuan in profit, largely in line with the average analyst expectations for 5.09 billion yuan.

We love hearing your feedback, please help us improve by answering these few survey questions

Comments

Comments are closed.