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    1810   KYG9830T1067

XIAOMI CORPORATION

(1810)
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Delayed Hong Kong Stock Exchange  -  03:08:35 2023-02-01 am EST
13.50 HKD   +4.49%
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01/29China's 2022 smartphone sales plunge to lowest level in a decade
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Xiaomi revenue falls in third quarter as COVID-19 controls bite

11/23/2022 | 05:19am EST

SHANGHAI, Nov 23 (Reuters) - Chinese smartphone maker Xiaomi Corp on Wednesday reported a 9.7% fall in third-quarter revenue, hit by China's COVID-19 restrictions and softening consumer demand.

Sales in the third quarter reached 70.17 billion yuan ($9.81 billion), down from 78.063 billion yuan the same quarter a year ago, slightly missing analyst expectations of 70.52 billion yuan.

Net income fell 59.1% to 2.12 billion over the period from 5.176 billion yuan one year ago.

China's consumer consumption has remained weak as cities across the country continue to implement lockdowns to prevent the spread of the Omicron variant.

The electronics sector has taken a large hit in turn. Shipments of smartphones in the third quarter fell 11% in China and 9% globally, research firm Canalys has said.

Revenue from smartphones, which make up roughly 60% of Xiaomi's total sales, fell 11.1% year-on-year.

In 2021, Xiaomi saw a sales surge after it grabbed market share from rival Huawei Technologies Co Ltd, whose ability to procure components has been hit by U.S. sanctions.

Yet the boost was short-lived. In May, Xiaomi reported its first-ever quarterly revenue decline since its listing in 2018. In August, revenue for the second quarter fell 20% year-on-year.

Xiaomi's stock price has tumbled nearly 50% since the beginning of the year.

The company has in turn looked to new areas for growth. Last year, it formally announced a foray into electric vehicles, committing to entering mass production in the first half of 2024. ($1 = 7.1545 Chinese yuan renminbi) (Reporting by Josh Horwitz, Editing by Louise Heavens and Jane Merriman)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.10% 6.74602 Delayed Quote.-2.42%
XIAOMI CORPORATION 4.49% 13.5 Delayed Quote.18.10%
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Analyst Recommendations on XIAOMI CORPORATION
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Financials
Sales 2022 287 B 42 572 M 42 572 M
Net income 2022 1 666 M 247 M 247 M
Net cash 2022 39 371 M 5 840 M 5 840 M
P/E ratio 2022 169x
Yield 2022 -
Capitalization 289 B 42 937 M 42 937 M
EV / Sales 2022 0,87x
EV / Sales 2023 0,78x
Nbr of Employees 32 869
Free-Float 60,3%
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Technical analysis trends XIAOMI CORPORATION
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 29
Last Close Price 11,61 CNY
Average target price 10,75 CNY
Spread / Average Target -7,40%
EPS Revisions
Managers and Directors
Jun Lei Chairman & Chief Executive Officer
Wei Bing Lu President
Alain Lam Chief Financial Officer
Yan Qi SVP-Internal Operations & Public Affairs
Dong Sheng Chen Independent Non-Executive Director
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