Chinese smartphone maker Xiaomi is not only dealing with a stagnating market share, the company also reported slower growth figures for the first half of 2019. Revenues of 95.7 billion RMB are still above the previous year’s results but growth is not as strong as it used to be. Figures released showed an increase of 27 percent year-over-year for Q1 and 15 percent for Q2.
According to Reuters, these figures were below analysts’ expectations. Profits above expectations for Q2 were overshadowed by stagnating smartphone shipments, which had shareholders worried. Like other smartphone makers, Xiaomi is weathering the global shrinkage of the smartphone market that is seeing many customers holding on to existing handsets while networks are being updated to 5G. Especially in China, companies have been feeling the slump.
As a result, Xiaomi has been diversifying, adding internet-of-things and home entertainment devices to their portfolio. In this sector, revenues were up 44 percent, now making up a quarter of total receipts.
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