The company's S-1 lays the groundwork for what is widely expected to be one of the largest initial public offerings of the year, second only to Uber's IPO in May. It's also...Technologyread more
Fraud investigator Harry Markopolos' accusations extended beyond GE's management to actuaries, auditors and analysts who he claims overlooked billions in liabilities.Marketsread more
Trump's tweet comes a day after Apple put out a press release describing the money it spends on U.S.-based suppliers and vendors.Technologyread more
CNBC combed through Wall Street research to see which stocks are still a buy after their earnings reports.Marketsread more
President Donald Trump held a call on Wednesday with the CEOs of three major U.S. banks, according to people with knowledge of the situation.Marketsread more
Despite aggressive strides, Waymo needs one thing before their self-driving cars become a seriously useful transportation system: people. We talked to the ones closest to it.Technologyread more
Scientists say the smoke plumes, filled with megatons of tiny, harmful particles, could travel to other areas of the world and cause serious respiratory problems for people.Weather & Natural Disastersread more
Some Weight Watchers loyalists applaud Kurbo by WW. But nutritionists worry Kurbo promotes an unhealthy relationship with food during an especially impressionable time.Health and Scienceread more
Benefits from what President Trump called "the biggest reform of all time" to the tax code have dwindled to a faint breeze just 20 months after its enactment, writes John...Politicsread more
Epstein, 66, was found in his cell in Manhattan federal lockup Saturday morning and transferred to a nearby hospital, where he was subsequently pronounced dead.Politicsread more
Air travelers faced delays at U.S. airports on Friday afternoon after a computer issue snarled processing of international arrivals.Airlinesread more
Chinese electronics giant Xiaomi reported second-quarter earnings on Wednesday that beat expectations amid pressure on its share price and questions over its long-term business model.
It's the first time Xiaomi has released results as a public company after its initial public offering (IPO) in July.
Here's how the company did:
Shares of Hong Kong-listed Xiaomi are up 4 percent since the company went public in July. The shares were higher going into the earnings report and were above the IPO price of 17 Hong Kong dollars after dipping below it and hitting a record low last week. Still shares of the Chinese technology firm are around 18 percent of the its record high close of 21.55 Hong Kong dollars on July 18.
Smartphone revenues raked in 30.5 billion yuan in revenue for the second quarter, a 58.7 percent year-on-year rise, despite the overall handset market declining. Xiaomi said that the average selling price of devices rose too. In its earning statement, the technology firm said that the Chinese smartphone market is in a "period of recalibration" but its focus is on expanding into the high-end segment.
Xiaomi has grown by creating mid-to-low-priced devices with high specs. But it needs to expand into higher priced devices in order to boost revenues.
"We believe our strategic focus to further penetrate the high-end smartphone market by optimizing our product portfolio in 2018 will lay the groundwork for further shipment unit growth in China in 2019," Xiaomi said in a release.
Analysts are concerned that Xiaomi could struggle to diversify its business away from hardware, which is a low margin business. Smartphones account for around 70 percent of Xiaomi's revenues, while other products such as TVs are another 20 percent. Under 10 percent of revenues come from its internet services business which include its music streaming product.
Xiaomi is one of the world's biggest smartphone makers but it is facing intense competition from other Chinese players like Oppo, Vivo and Huawei who are offering high quality devices at low prices. In the high-end it could face pressure from Apple as well.
Xiaomi continued growing emerging areas of its business with internet of things and lifestyle product segment grew 104.3 percent year-on-year, bringing in 10.4 billion yuan in revenues in the second quarter. This unit includes TVs and the company's virtual reality headsets.
Internet services revenues were up 63.6 percent year-on-year to 4 billion yuan in the three months to June. This includes revenues from areas such as advertising and Xiaomi's music streaming product. Still, internet services only contributed 9 percent of revenue, which could worry investors who are concerned that Xiaomi relies too heavily on smartphones.
Xiaomi has typically been reliant on China for making money, but it said that international revenue grew 151.7 percent year-on-year to 16.4 billion yuan, accounting for 36.3 percent of total revenue. A large part of this was thanks to strong growth in India, where it is one of the biggest players, and continued expansion into Europe.