Chinese smartphone maker Xiaomi Corp posted its slowest revenue growth...
) posted its slowest revenue growth as a public company, missing analysts’ estimates, as it lost market share to Huawei and customers held on to their phones before a 5G refresh.
China’s smartphone market, the world’s largest, is shrinking but consumers there are rallying in support of Huawei as it battles U.S. trade restrictions. “Customers are generally holding existing smartphones for longer with manufacturers hoping that 5G will provide compelling reasons for customers to upgrade their phones,” Morningstar analyst Dan Baker said in a research note.
While Xiaomi makes most of its money by selling mobile handsets, like other Chinese tech companies it is seeking new sources of revenue.
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