Second-quarter earnings below expectations, Xiaomi marks 15% growth

Revenue in the second quarter ended June 30 rose to 51.95 billion yuan ($ 7.36 billion) from 45.24 billion yuan in the year-ago period. Analysts expected revenue of 53.52 billion yuan, according to Refinitive data.

China’s Xiaomi Corp. reported a smaller-than-expected growth of 15% in its quarterly earnings on Tuesday as fewer people bought smartphones at home and rival Huawei grabbed market share.

Net income fell to 1.96 billion yuan./

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