Cell phone sales grew, but below expectations. The answer is mainly in China.
Xiaomi announced a third quarter with 8.2% growth in sales, a number below expectations.
Reuters indicates that this is mainly due to a little growth in the sale of cell phones, just 0.4%.
The publication notes that this is mainly due to the intense competition it experiences in China . Oppo and Vivo represent dominating the market and Honor recently displaced Xiaomi from third place , according to Canalys estimates .
Xiaomi has chosen to expand its presence with physical stores, reaching 10,000 stores in China last month.
The good news
Lu Weibing, head of Redmi , enthusiastically looked at the company’s results, highlighting that 52.4% of Xiaomi’s revenue comes outside of China .
— Xiaomi (@Xiaomi) November 23, 2021