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Xiaomi profits slide 7.2%
Xiaomi Corp’s profits fell 7.2 percent year on year in the second quarter due to pressure on smartphone sales amid the coronavirus pandemic and global uncertainties, the Hong Kong-listed company said yesterday.
Net profit was 3.37 billion yuan (US$481.4 million). Revenue was 53.5 billion yuan, slightly higher than the previous year and above market expectations of 51.4 billion yuan.
The better-than-expected results lifted Xiaomi’s share price by over 11 percent to close at HK$21.30 (US$2.70) yesterday, its highest since July 2018.
The COVID-19 outbreak and lockdown measures around the world dampened Xiaomi’s global smartphone sales, the company said.
Q2 revenue for its smartphones was 31.6 billion yuan, a fall of 1.2 percent from a year earlier.
Xiaomi is the world’s No. 4 smartphone vendor.
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