Xiaomi has reported worse than forecasts due to increased competition in the market

by time news

Xiaomi Corporation ended the third quarter with revenue of 78.1 billion yuan ($ 12.25 billion), up 8.2% from the same period last year. However, the amount of revenue received was slightly below the forecast of analysts surveyed by Refinitiv, who expected the company to receive a quarterly revenue of 79.2 billion yuan ($ 12.4 billion).

In addition, revenue directly from the sale of smartphones – the main item of the company’s income – in the third quarter grew by only 0.4%, to $ 7.49 billion. And the number of smartphones sold dropped significantly compared to last year – by 5.8% at once. up to 43.9 million pieces.

The company itself notes that the drop in sales is due to the shortage of microchips on the market. However, Xiaomi lost the competition in the Chinese market this quarter, losing the third position to Honor, a brand previously owned by Huawei.

Earlier it was reported that Xiaomi lost the competition in the Russian market, losing leadership in the third quarter to South Korean Samsung.

Kirill Sarkhanyants

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