Xiaomi Shares Slip Despite Strong Singles Day Sales
Published Nov 12, 2018 02:11AM ET
Investing.com - Smartphone and electronics maker Xiaomi Corp (HK:1810) slipped in afternoon trade on Monday after jumped more than 2% earlier in the day as the company reported strong sales during the Singles Day sales event.
Xiaomi reported “the total payment for sales of smartphones, internet of things and lifestyle products” during the Singles Day sales event added up to more than CNY5.2 billion. The company reported the sales figure through an announcement on the Hong Kong Stock Exchange.
Despite the strong sales, Xiaomi’s shares in Hong Kong were down 0.5% to HK$13.14 by 2:12 AM EST (7:12 GMT).
In recent weeks, Xiaomi has released new smartphone models – including the flagship Mi8 – and announced it plans to open its first retail store in London to continue with its expansion in Europe.
Singles Day is a massive sales event held in China every year on Nov. 11. It was started by e-commerce conglomerate Alibaba (NYSE:BABA) and has emerged as a massive event.
Alibaba said the gross merchandise value (GMV) of sales this year hit $30.8 billion throughout the 23-hour event. Sales hit $1 billion in a minute and 25 seconds.
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Written By: Investing.com
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