Xiaomi revenue misses estimates as competition intensifies

Shanghai: China’s Xiaomi Corp on Tuesday reported a smaller-than-expected 8.2% rise in third-quarter revenue as smartphone sales growth stalled amid intensifying competition from rivals.

Shares fell nearly 7% at the market’s open on Wednesday.

The company, which gets the vast majority of its revenue by selling mobile handsets, said smartphone revenue rose 0.4% to 47.8 billion yuan ($7.49 billion) in the three months to September 30.