The Chinese smartphone manufacturer has posted declining quarterly revenue growth. It is evident that this revenue drop is due to the ever-growing results of Huawei which has won the hearts of people not just in China but throughout the world. Just a few years back, Xiaomi was the top brand however Huawei has adopted modern technology and have built people’s trust by providing cost-effective quality devices. Now we have come across Xiaomi’s Q3 Earnings Report which shows that the results are not very pleasing.
Huawei has not just witnessed booming sales in China but throughout the world. Due to this, it has become the second-largest smartphone maker globally.
Xiaomi’s Q3 Earnings Report Reveals Declining Growth
Smartphone sales clearly show the overall Xiaomi’s revenue but it also has-been promoting its internet services with online ad sales. However, the overall business shows the financial record of total 10%. By the end of September 30, Xiaomi revenues had dropped from 8% to 32.3 billion yuan. During the same period, the company sold only 32.1 million phones which marks 1 million units less than a year earlier.
Xiaomi is trying hard and even looking for foreign markets to make up for the loss which the company has witnessed. However, they have also seen the sales and marketing expenses jumping to 16%. For regaining it position, Xiaomi will have to work hard or produce any device which can blow people mind and add up to the revenue of the company. Otherwise, if we consider Huawei running towards becoming no one smartphone globally, the existence of Xiaomi is very difficult.