Xiaomi Corp (HKG: 1810)
- Xiaomi Corp will report its 3Q22 earnings on 23 Nov 22. We expect the company’s revenue to grow 10% yoy but remain flat qoq, and adjusted net profit to decline both 62% yoy and 6% qoq.
- While the sharp yoy decline is well-expected, the sequential decline should have stabilised, while inventory level has been improving since end-2Q22.
Xiaomi Corp third quarter results
Earnings decline should have stabilised. We expect 3Q22 revenue to decline 9.9% yoy and remain largely flat qoq at Rmb70.3b, blended gross margins to fall 1.3ppt yoy but recover 0.2ppt qoq, and adjusted net profit to decline 62.2% yoy and 5.9% qoq to Rmb1,958m.Xiaomi Corp Smartphone shipment remained sluggish as expected
As reported by IDC, Xiaomi Corp’s (Xiaomi) smartphone shipment in 3Q22 declined 8.6% yoy but grew 2.5% qoq to 40.5m units, which is below our estimate of 43m units....
