Xiaomi revenue misses estimates as competition intensifies

FILE PHOTO: The Xiaomi logo is seen at a Xiaomi shop in Shanghai, China May 12, 2021. REUTERS/Aly Song GLOBAL BUSINESS WEEK AHEAD

SHANGHAI (Reuters) -Chinese smartphone maker Xiaomi Corp on Tuesday reported a smaller than expected 8.2% rise in third-quarter revenue, hurt by intensifying competition from domestic rivals Oppo and Vivo.

Sales rose to 78.06 billion yuan ($12.22 billion) in the three months to Sept. 30. Analysts had expected 79.20 billion yuan, Refinitiv data shows.

Profit slumped 84% to 788.6 million yuan.

On an adjusted basis, Xiaomi earned 5.18 billion yuan, largely in line with the average analyst expectations for 5.09 billion yuan.

($1 = 6.3878 Chinese yuan renminbi)

(Reporting by Josh HorwitzEditing by Louise Heavens and David Goodman)

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