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Xiaomi beats estimates with 21.4% rise in Q4 revenue

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  • Xiamoi’s Revenue hits 85.58 billion yuan, up 21.4% y/y.
  • Net profit reaches 39.47 billion yuan, up 36.6% y/y.
  • Smartphone shipments total 44.1 million units, up 4.4% y/y.

SHANGHAI: Chinese smartphone maker Xiaomi on Tuesday reported a bigger-than-expected 21.4% rise in fourth-quarter revenue, as industry shipments of handsets slowly tick up following a global chip shortage and the peak of the pandemic.

“In 2021 we experienced a very complex situation,” Xiaomi president Wang Xiang said in an earnings call.

“Supply is in a very severe or tight position, and there is a geopolitical impact. However, Xiaomi’s performance has shown we are a resilient company.”

Revenue rose to 85.58 billion yuan ($13.45 billion) in the quarter ended Dec. 31, compared with 70.46 billion yuan in the year earlier period and analyst expectations for 81.80 billion yuan, according to Refinitiv data.

Smartphone shipments rose 4.4% to 44.1 million units in the quarter, Xiaomi said in a statement.

Net income rose 39.6% to 4.47 billion yuan, also above analyst expectations.

In an earnings call, Wang said that ensuring a steady supply of chips was still challenging in the first quarter of 2022, but expected the situation to improve by June.

The company, which gets the vast majority of its revenue from selling mobile handsets, said smartphone revenue rose 18.4% to 50.5 billion yuan ($7.94 billion) in the quarter ended December 31.

Last year, Xiaomi grabbed market share in its home market China away from Huawei, which lost its smartphone momentum after the United States placed export restrictions on its suppliers. But Huawei spinoff Honor came back strong in the second half of 2021, finishing the fourth quarter with a 16% market share in China — the same as Xiaomi — according to data from Canalys.

Xiaomi’s fourth-quarter smartphone shipments in China rose 10%, according to research firm Canalys. Globally, its shipments rose 5%.

Slowing handset demand in China, the company’s largest market, has prompted Xiaomi to look for new opportunities.

The company is slated to invest $10 billion over the next ten years into making electric cars, which it hopes to bring to market by 2024.

The company has also ramped up investments in chips, relasing its first device with a self-developed image signal processor.

Wang said that investments in chips would go into areas “directly related to user experience,” such as fast charging.

Xiaomi has also expanded its brick-and-mortar retail footprint, in hopes of attracting more customers.

Xiaomi reported a 33.5% rise in 2021 revenue, which hit 328.3 billion yuan ($51.59 billion), versus an average analyst estimate of 325.862 billion yuan.

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TikTok offers a special in-app experience to commemorate the release of Jimin’s second solo album, MUSE, by BTS.

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Calibre fans everywhere get the chance to interact with only-available content, take part in challenges, and get temporary rewards by visiting the #Jimin_Who hub. To find a time-limited, exclusive profile frame, search for relevant terms like “Jimin” and “BTS.” You’ll be provided with difficulties. Moreover, the hub offers high-calibre content produced by Jimin, such as his solo and collaborative works, Fan Spotlight, which highlights exceptional ARMY members and their works, and an immersive event honouring Jimin’s second album, MUSE.

TikTok is committed to enabling fans and artists to interact and create, as this programme demonstrates. The TikTok community worldwide is expected to find resonance in this experience, as BTS is one of the most popular accounts and #kpop is one of the fastest-growing genres on the platform, producing 59.8 million posts and 602 billion video views.

BTS (@bts_official_bighit) broke numerous records throughout their more than ten-year tenure, becoming the fourth-largest artist account on TikTok and cementing their status as pop icons of the twenty-first century.

The group’s hashtags, #bts and #bts_official_bighit, are part of 94.1 million creator videos and 33.4 million videos, respectively, and have over 65.5 million followers and 1.4 billion likes. Because of his solo work, Jimin has become an international phenomenon, inspiring millions of creator videos and views.

In over 22.9 million creator videos, hashtags pertaining to #jimin have appeared. The group’s TikTok dance video, which was viewed over 36.2 million times and received over 8.6 million likes, was inspired by Jimin’s #1 song, “Like Crazy,” which he released last year after his debut solo album FACE. The song inspired over 300,000 creator videos. The MUSE pre-release single “Smeraldo Garden Marching Band (feat. Loco)” has received 2.5 million likes and 11 million views on Jimin’s recent exclusive behind-the-scenes video.

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63,000 Instagram accounts are deleted by Meta

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The “Yahoo boys,” a group of Nigerian internet scammers, are well-known for their elaborate schemes, which include posing as needy individuals or promising phenomenal returns on investments from prominent Nigerian figures.

63,000 Instagram profiles, according to a statement by Meta, which also mentioned that 7,200 Facebook pages, groups, and accounts that offered advice on con artistry had been deleted.

The organisation also eliminated a smaller, more tightly-knit network of about 2,500 computers that belonged to a collective of about 20 people.

The prospect of compromising photos—fake or real—being released is used in sexual extortion, or “sextortion,” to coerce victims into paying to halt the abuse.

Meta notified the scammers’ attempts to the U.S. National Centre for Missing and Exploited Children, as most of the scammers’ attempts were unsuccessful and largely targeted adults, but there were also attempts made against kids.

The disruption of these networks was not new, according to Meta officials, who also disclosed the current operation in an effort to “raise awareness.”

Governments, particularly lawmakers in the US, where Meta is headquartered, have increased pressure on the social media behemoth to address allegations that its executives have disregarded data indicating that its services are harmful to children. As a result, the company has been under defensive fire in recent years.

One American senator charged Mark Zuckerberg, the CEO of Meta, and other prominent figures in the social media space earlier this year, saying they had “blood on their hands” for not doing enough to shield young people from the growing risks of sexual predatory content on their platforms.

Additionally, in an effort to raise awareness of these risks, the U.S. Surgeon General has advocated for social media apps to have a warning label attached.

A part of the national penal code that dealt with fraud ineffectively gave rise to the term “419 scams” for Nigerian con artists.

Online frauds have increased in number, with individuals responsible operating from wealthy neighbourhoods, college dorms, or impoverished suburban areas while the nation of more than 200 million people experiences increasing economic woes.

A few users, according to Meta, were giving advice on how to pull off scams.

It stated, “Among their attempts were links to photo collections that they could use to create fictitious accounts, as well as offers to sell scripts and instructions to deceive people with.”

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Google abandons its plans to do rid of cookies in Chrome

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The significant change in course comes as a result of worries expressed by advertisers, who provide the majority of the company’s revenue, that their capacity to gather data for customised advertisements will be restricted due to the removal of cookies from the most widely used browser in the world, leaving them reliant on Google’s user databases.

Due to worries that Google’s proposal would stifle competition in the digital advertising market, the UK’s Competition and Markets Authority has also carefully examined the proposal.

“Rather than discontinuing third-party cookies, we would launch a fresh experience in Chrome that empowers individuals to make a knowledgeable decision that is applicable to all of their online browsing, and they could modify that decision whenever they choose,” stated Anthony Chavez, vice president of the Privacy Sandbox project, which is supported by Google, in a blog post.

A major objective of the Privacy Sandbox project, which was started in 2019 by Alphabet (GOOGL.O), opens new tab unit, is to phase out third-party cookies while simultaneously improving online privacy and boosting digital enterprises.

Though they can potentially be used for unauthorised monitoring, cookies are information packets that websites and advertisers use to identify specific online users and follow their browsing patterns.

Within the European Union, publishers are required to obtain explicit agreement from users before storing cookies, as per the General Data Protection Regulation (GDPR). Cookie deletion is another feature that most popular browsers offer.

While continuing to fund the Privacy Sandbox programme, Chavez stated that Google was collaborating on the new strategy with publishers, privacy organisations, and regulators like the UK’s Information Commissioner’s Office and CMA.

Many responded differently to the announcement.

Analyst Evelyn Mitchell-Wolf of eMarketer stated in a statement, “Advertising stakeholders won’t have to prepare to quit third-party cookies cold turkey.”

One example of how cookies can hurt consumers is when they display predatory advertisements that target specific demographics, according to Lena Cohen, a staff technologist at the Electronic Frontier Foundation. According to Cohen, Google’s choice to keep accepting third-party cookies is a direct result of their advertising-driven business model, even though other major browsers have been banning them for years.

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