INTERNATIONAL - Chinese smartphone maker Xiaomi Corp posted its slowest-ever quarterly revenue growth, as the country’s smartphone market copes with a protracted lull in sales and bigger rival Huawei grabs more market share.
Revenue in the first quarter ended Sept. 30 rose 5.5 percent to 53.66 billion yuan from the same period last year, largely in line with analysts’ expectation of 53.74 billion yuan.
Net income rose to 3.47 billion yuan, up from 2.50 billion yuan a year ago.
The demand for smartphones has eased in China as consumers hold on to devices longer. As well, Chinese shoppers have rallied behind and boosted sales at Huawei, the world’s second-largest smartphone maker, which was added to a trade blacklist by the United States.
The Chinese smartphone makers shipments to Chinese consumers fell by a third in the September quarter, according to market research firm Canalys, while Huawei’s rose 66 percent. Total smartphone shipments in China shrank 3 percent.