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Xiaomi’s Q3 earnings report shows slowing growth

“The Chinese electronics firm posted Q3 revenue of 53.7 billion yuan, or $7.65 billion, up 3.3% from 51.95 billion yuan ($7.39 billion) revenue it reported in Q2 and 5.5% rise since Q3 2018” writes Manish Singh for yahoo.com. This is largely in line with analysts’ estimated revenue of 53.74 billion yuan, per Refinitiv figures, but growth is slowing.The company said its smartphone business revenue during Q3 stood at 32.3 billion yuan ($4.6 billion), down 7.8% year-over-year.Gross profit during the period was 8.2 billion yuan ($1.17 billion), up 25.2% year-over-year.Xiaomi said its adjusted profit in the aforementioned quarter was 3.5 billion yuan ($500 million), up from about 2.5 billion yuan a year ago.
 
Source: yahoo.com



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