Xiaomi’s profit jumps 19% in Q3 as smartphone shipments surge

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SHENZHEN, China, Nov 24 (Reuters)Xiaomi Corp 1810.HK reported a 19% jump in third quarter net profit on Tuesday, beating estimates, as the Chinese smartphone maker’s smartphone shipments over the quarter surged by 45.3% on a year earlier.

Smartphone revenue grew to 47.6 billion yuan, an increase of 47.5% in the same period, it said in a statement. Overall quarterly revenue rose to 72.1 billion yuan, up from 53.7 billion yuan.

Analysts had on average forecasted that Xiaomi would report quarterly net profit of around 3.28 billion yuan, according to Refinitiv data.

Xiaomi has grabbed market share from in China and Europe as its rival Huawei Technologies HWT.UL has struggled with U.S. sanctions that have disrupted its supply chain.

The company anticipates it will continue to gain market share after the last round of U.S. sanctions against the latter disrupted its supply chains in

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Xiaomi’s profit jumps as smartphone shipments surge

SHENZHEN/SHANGHAI (Reuters) – Xiaomi Corp on Tuesday reported a 19% jump in third-quarter net profit, beating estimates, as the Chinese smartphone maker’s shipments over the quarter surged by 45.3% on a year earlier.

FILE PHOTO: People wearing protective face masks visit Xiaomi brand’s store, amid the outbreak of the coronavirus disease (COVID-19) in Kyiv, Ukraine October 22, 2020. REUTERS/Valentyn Ogirenko

Xiaomi has grabbed market share in China and Europe as its rival Huawei Technologies has faced U.S. sanctions that have hit its supply chain.

The company expects it will continue to gain market share after the latest round of U.S. sanctions against Huawei disrupted its supply chains in August..

Xiang Wang, Xiaomi’s president, when asked whether Huawei’s problems had helped Xiaomi, said that the company was “paying attention to what is happening into the market,” but was continuing with its own strategy.

Xiaomi’s smartphone revenue rose to 47.6 billion yuan,

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Unity’s first post-IPO report: Revenue jumps 53% to $200.8 million

Unity Technologies reported its first quarterly earnings as a public company today, with revenues for the third quarter ended September 30 hitting $200.8 million, up 53.3% from the same quarter a year ago.

Unity’s quarterly loss from operations was $141.7 million, or 70.6% of revenue, compared to a loss from operations of $41.7 million, or 31.9% of revenue, in the third quarter of 2019.

The third-quarter results were impacted by a one-time charge associated with restricted stock related to the initial public offering, as well as a charge related to the donation of 750,000 shares of the common stock to a charitable foundation upon closing of its initial public offering (IPO).

The non-GAAP loss from operations was $8.4 million, compared to a loss of $27.8 million a year earlier. On a per-share basis, the non-GAAP loss was 9 cents, compared to a loss of 67 cents a share a year

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China’s Tencent quarterly profit jumps 89%, beats forecast

By Pei Li



FILE PHOTO: Logo of Tencent is seen at its booth at the 2020 China International Fair for Trade in Services (CIFTIS) in Beijing


© Reuters/TINGSHU WANG
FILE PHOTO: Logo of Tencent is seen at its booth at the 2020 China International Fair for Trade in Services (CIFTIS) in Beijing

HONG KONG (Reuters) – Chinese gaming and social media giant Tencent Holdings Ltd reported on Thursday a forecast-beating 89% rise in quarterly profit, boosted by video games and advertising businesses. The world’s largest gaming firm by revenue booked a 38.5billion yuan ($5.8 billion) profit for the three months throughSeptember. That was ahead of an analyst average estimate of 30.81 billion yuan, according to data from Refinitiv.

Revenue rose 29% to 125.4 billion yuan.

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Alibaba beats quarterly sales estimates

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The Chinese giant has benefitted from healthy growth of paying users for video games in China and international markets. Its flagship game Honor of Kings reported a record 100 million daily

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US STOCKS-Nasdaq jumps as technology stocks back in favor

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)

* Lyft up on plans to enter food-delivery market

* Growth stocks outperform value shares

* Indexes up: Dow 0.3%, S&P 0.9%, Nasdaq 1.9% (Updates to early afternoon)

Nov 11 (Reuters) – Wall Street’s main indexes advanced on Wednesday as signs of a working COVID-19 vaccine raised hopes of a faster-than-expected economic rebound, with technology stocks bouncing back from steep losses this week as coronavirus cases spiraled.

The tech-heavy Nasdaq advanced 1.9%, while mega-caps Netflix Inc, Amazon.com Inc and Apple Inc , the so-called stay-at-home winners, also gained between 1.3% and 2.7%.

The tech index climbed 2.4%, the most among major S&P sectors, followed by the consumer discretionary index .

The S&P growth stock index outperformed the value index, which includes banks and energy

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Nasdaq jumps as technology stocks back in favor

(Reuters) – Wall Street’s main indexes advanced on Wednesday as signs of a working COVID-19 vaccine raised hopes of a faster-than-expected economic rebound, with technology stocks bouncing back from steep losses this week as coronavirus cases spiraled.

The U.S. flag covers the front facade of the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 9, 2020. REUTERS/Brendan McDermid/Files

The tech-heavy Nasdaq .IXIC advanced 1.9%, while mega-caps Netflix Inc NFLX.O, Amazon.com Inc AMZN.O and Apple Inc AAPL.O, the so-called stay-at-home winners, also gained between 1.3% and 2.7%.

The tech index .SPLRCT climbed 2.4%, the most among major S&P sectors, followed by the consumer discretionary index .SPLRCD.

The S&P growth stock index .IGX outperformed the value index .IGX, which includes banks and energy stocks, in a reversal of Tuesday’s trend.

Encouraging data from a late-stage vaccine earlier this

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Dow jumps 263 points led by Boeing, Chevron as oil hits $41 level

Stocks ended the session mixed as investors rotated out of tech and into big cyclical players while taking a breather after the coronavirus vaccine progress.

The Nasdaq Composite paced the declines falling 1.4%, while the S&P 500 ended little changed. The Dow Jones Industrial Average rallied over 262 points or nearly 1%.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 29420.92 +262.95 +0.90%
SP500 S&P 500 3545.53 -4.97 -0.14%
I:COMP NASDAQ COMPOSITE INDEX 11553.855899 -159.93 -1.37%

FAA ENTERS ‘FINAL STAGES’ OF BOEING 737 MAX REVIEW

Boeing shares gained more than 5% as investors anticipated the return of the Max 737 jet.

“We expect that this process will be

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Marvell Technology Group (MRVL) Catches Eye: Stock Jumps 8.8%

Marvell Technology Group Ltd. MRVL was a big mover last session, as the company saw its shares rise nearly 9% on the day. The move came on solid volume too with far more shares changing hands than in a normal session. This breaks the recent trend of the company, as the stock is now trading above the volatile price range of $36.89 to $44.70 in the past one-month time frame.

The company has seen no changes when it comes to estimate revision over the past few weeks, while the Zacks Consensus Estimate for the current quarter has also remained unchanged. The recent price action is encouraging though, so make sure to keep a close watch on this firm in the near future.

Marvell Technology Group currently has a Zacks Rank #3 (Hold) while its Earnings ESP is negative.  
 

Marvell Technology Group Ltd. Price

Marvell Technology Group Ltd. Price

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Qualcomm Jumps on Outlook for Booming 5G Chip Demand

(Bloomberg) — Qualcomm Inc. gave an upbeat forecast for the current quarter, suggesting new 5G wireless networks are persuading consumers to upgrade their smartphones. Shares of the chipmaker jumped about 14% in early trading in New York.



a sign above a store: Signage for 5G mobile experiences is seen at the Qualcomm Inc. booth at the Mobile World Congress Shanghai in Shanghai, China, on Thursday, June 28, 2018.


© Bloomberg
Signage for 5G mobile experiences is seen at the Qualcomm Inc. booth at the Mobile World Congress Shanghai in Shanghai, China, on Thursday, June 28, 2018.

Revenue will be $7.8 billion to $8.6 billion in the period ending in December, the San Diego-based company said Wednesday in a statement. Analysts, on average, estimated $7.15 billion, according to data compiled by Bloomberg. Profit, excluding some items, will be $1.95 to $2.15 a share, versus Wall Street estimates of $1.66 a share.

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Qualcomm is the biggest maker of chips that connect smartphones to wireless networks. That makes the company’s outlook a key indicator for the smartphone industry. The chipmaker has previously

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Qualcomm Jumps on Earnings Beat, Strong Guidance

Shares of Qualcomm  (QCOM) – Get Report were rising sharply after hours Wednesday after the company reported 2020 fiscal fourth-quarter results that significantly topped analyst estimates. 

The San Diego-based semiconductor maker reported earnings of $1.45 per share on revenue of $6.5 billion for the quarter ending Sept. 27. Analysts were expecting the company to report earnings of $1.17 per share on revenue of $5.94 billion. 

“Our fiscal fourth quarter results demonstrate that our investments in 5G are coming to fruition and showing benefits in our licensing and product businesses,” said CEO Steve Mollenkopf in a statement. 

Revenue rose 35% year-over-year while earnings jumped 86% from a year ago. 

Qualcomm shares were rising 9.7% to $141.50 in after-hours trading on Wednesday. 

The company said it expects fiscal first-quarter revenue to range between $7.8 billion and $8.6 billion with earnings expected to be between $1.95 and $2.15 per share.  Analysts

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