Chinese “Xiaomi” revenues fell by about 10 percent in the third quarter

Chinese “Xiaomi” revenues fell by about 10 percent in the third quarter
Chinese “Xiaomi” revenues fell by about 10 percent in the third quarter

And the company announced, on Wednesday, that its sales in the third quarter recorded 70.17 billion yuan ($9.81 billion), compared to 78.063 billion yuan ($10.89 billion) in the same quarter last year, with sales coming slightly below analysts’ expectations at 70.52 billion yuan ($9.84). Billion dollar).

Net income fell 59.1 percent to 2.12 billion yuan (308 million dollars), compared to 5.176 billion yuan (722 million dollars) a year earlier.

Consumption in China is slowing as cities across the country continue to impose lockdowns to contain the outbreak of the Omicron variant.

The electronics sector is going through a difficult period, as market research firm Canalys indicated that smartphone shipments fell 11 percent in China in the third quarter, and by 9 percent globally.

Revenue from smartphones, which account for nearly 60 percent of Xiaomi’s total sales, fell 11.1 percent year on year.

Xiaomi achieved a rise in sales in 2021 after it was able to carve out a market share from its competitor, Huawei Technologies, whose ability to purchase components declined due to US sanctions.

However, this rise did not last long.

In May, Xiaomi reported its first-ever quarterly decline in revenue since its 2018 listing.

It reported in August that second-quarter revenue fell 20 percent year-on-year.

Xiaomi shares have fallen by about 50 percent since the beginning of the year.


The article is in Arabic

Tags: Chinese Xiaomi revenues fell percent quarter

PREV Bloomberg: Egypt is a special case
NEXT Corona restrictions in China drop “Xiaomi” revenues in the third quarter