Xiaomi revenue misses estimates as competition intensifies

China’s Xiaomi reported a smaller-than-expected 8.2% rise in third-quarter revenue. The smartphone maker recently lost ground to not just top-sellers Oppo and Vivo, but also Huawei spinoff brand Honor

on Tuesday reported a smaller-than-expected 8.2% rise in third-quarter revenue as smartphone sales growth stalled amid intensifying competition from rivals.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 in the three months to Sept. 30.Yet smartphone shipments fell 5.8% on the year in the third quarter to 43.9 million units. The company pointed to the global chip shortage as the cause of the decline.

Overall sales rose to 78.06 billion yuan in the July-September quarter, missing a market estimate of 79.20 billion yuan from Refinitiv. Honor edged past Xiaomi to grab the No. 3 spot in terms of smartphone market share in China in the July-September quarter, according to Canalys.

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