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Xiaomis Q3 earnings report shows slowing growth

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Xiaomi, the world’s fourth largest smartphone vendor, on Wednesday shared its earnings figures for the quarter that ended in September. While the results fell largely in line with analysts’ expectations, a drastic drop in the company’s growth underscores some of the struggles that handset makers are facing as they shift to services to make up for dwindling smartphone purchases globally.

The Chinese electronics firm posted Q3 revenue of 53.7 billion yuan, or $7.65 billion, up 3.3% from 51.95 billion yuan ($7.39 billion) revenue it reported in Q2 and 5.5% rise since Q3 2018.

This is largely in line with analysts’ estimated revenue of 53.74 billion yuan, per Refinitiv figures, but growth is slowing. As a point of comparison, in Q2, Xiaomi reported QoQ growth of 18.7% and YoY of 14.8%.

Xiaomi said its adjusted profit in the aforementioned quarter was 3.5 billion yuan ($500 million), up from about 2.5 billion yuan a year ago. Gross profit during the period was 8.2 billion yuan ($1.17 billion), up 25.2% year-over-year.

The company said its smartphone business revenue during Q3 stood at 32.3 billion yuan ($4.6 billion), down 7.8% year-over-year. The company, which shipped 32.1 million smartphone units during the period, blamed “downturn” in China’s smartphone market for the decline.

Marketing research firm Canalys reported this month that China’s smartphone market shrank by 3% during Q3. Despite the slowdown, Xiaomi said its gross profit margin of smartphones segment had reached 9% — up from 8.1% and 3.3% in the previous quarters.

Other than Huawei, which leads the handsets market in China, every other smartphone vendor has suffered a drop in their shipment volumes in the country, according to research firm Counterpoint.

But for Xiaomi, this should technically not be a problem. Long before the company listed publicly last year, it has been boasting about its business model: how it makes little money from hardware and more and more from delivering ads and selling internet services.

That internet services business is not growing fast enough, however, to be an engine for the overall company. It grew by 12.3% year-on-year to 5.3 billion yuan ($750 million) and 15% since last quarter. Either way, it accounts for only a fraction of smartphone business’ contribution to the bottomline.

Furthermore, parts of that business are facing some other challenges: Advertisement revenue has been falling for more than two consecutive quarters, the company says.

Xiaomi said two years ago that it will only ever make 5% profit from its hardware, something its executives told TechCrunch has been engraved in the company’s “constitution.” But the slow shift to making money off of internet services, while making less money from selling hardware, is one of the chief reasons why the company had an underwhelming IPO.

Meanwhile, the user base of Xiaomi’s Android -based MIUI software is growing. It had 292 million monthly active users as of September this year, up from 278.7 in June.

In more promising signs, Xiaomi said its smart TV and Mi Box platforms had more than 3.2 million paid subscribers and revenue from its fintech business, a territory it entered only in recent quarters, had already reached 1 billion yuan ($140 million).

But it’s hardware that continues to make up the biggest proportion of its revenues. The company, which is increasingly moving its gadgets and services beyond Chinese shores, said revenue from its international business grew 17.2 year-over-year to 26.1 billion yuan ($3.7 billion) in the third quarter — accounting for 48.7% of total revenue.

Much of Xiaomi’s international success could be attributed to its dominance in India, the world’s second largest smartphone market. For last nine consecutive quarters, Xiaomi has been the top smartphone vendor in India, one of the rare markets where the appetite for handsets continues to grow. Of the 32 million smartphone units the company shipped in Q3, more than 12 million of those arrived in India, according to Counterpoint.

In a statement, Xiaomi founder and chairman Lei Jun said the company is hopeful that it will be able to further grow its revenues when 5G devices start to get traction. The company has plans to launch at least 10 5G-enabled smartphone models next year, he said. No word from him on what the company intends to do about its services ecosystem.

Read more: https://techcrunch.com/2019/11/27/xiaomi-earnings-q3-2019/

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Coinbase Custody selected by 21Shares for Bitcoin ETP

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Coinbase

Today we’re proud to announce that 21Shares AG has chosen Coinbase Custody to store its digital assets for its Bitcoin ETP. 21Shares AG is listing its 21Shares Bitcoin ETP (ISIN: CH0454664001 — WKN A2T64E) on the Deutsche Börse’s Xetra electronic venue on Thursday July 2nd 2020. Coinbase Custody will serve as custodian for the underlying assets of their Bitcoin ETP.

21Shares selected Coinbase Custody after reviewing our institutional-grade offline storage solution, which includes world-class security, regulatory compliance and insurance coverage. Coinbase is committed to serving a wide spectrum of institutional clients and we are excited to be the chosen custodian for the 21Shares Bitcoin ETP, Europe’s first physically-backed bitcoin ETP.

Hany Rashwan, CEO at 21Shares AG, says, “21Shares is delighted to bring this historic product to Europe. We are honored to give investors access to the best performing asset class of the last decade and we believe the next ten years as well, through our simple, transparent, and regulated crypto ETP product suite.”

Coinbase Custody is the world’s largest and most trusted crypto custodian. To learn more about Coinbase Custody click here.

Source: https://blog.coinbase.com/coinbase-custody-selected-by-21shares-for-bitcoin-etp-a1b5dd380694?source=rss—-c114225aeaf7—4

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Compound (COMP) is now available on Coinbase Earn

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Coinbase

Earn COMP while learning how to borrow crypto and earn interest with Compound

Coinbase’s mission is to create an open financial system, where anyone in the world can participate on equal terms from their computer or smartphone. To bring this vision to life, we’ll need to make blockchain technology more accessible, both in the sense of making cryptocurrencies easier to obtain and easier to understand.

Coinbase Earn is a trusted source where customers all around the world can educate themselves about new developments in crypto and earn assets as rewards. Starting today, Coinbase customers can start earning Compound (COMP) by watching lessons and completing quizzes about the Compound protocol and its governance token COMP.

Compound (COMP) is an Ethereum token that governs the autonomous Compound protocol. The protocol allows anyone to borrow and lend Ethereum tokens through a decentralized market. Lenders earn interest on the crypto they supply to the protocol and borrowers pay interest to borrow it.

The ability to earn crypto assets has become an increasingly important function in the crypto ecosystem — alongside buying, staking, voting, and mining — especially when paired with education.

Since the launch of Coinbase Earn in 2018, we’ve announced nine different assets, including 0x, Basic Attention Token, Zcash, Stellar Lumens, EOS, Dai, Tezos, Orchid and now Compound. In less than a year, asset issuers offered over $100M in crypto to distribute to our customers, and we have launched Earn internationally. As we expand globally, millions of people are gaining access to a trusted, secure, and legal bridge to the crypto economy — even if they don’t have a credit card or bank account with which to buy crypto.

Check out all Coinbase Earn campaigns through our homepage or access them directly through the Coinbase mobile app.

You can sign up for a Coinbase account here and download the iOS or Android app to start earning crypto today.

Coinbase receives a servicing fee from the participating asset issuer. Consideration for Coinbase Earn is wholly independent of our digital asset framework for new listings. Click here for our Earn FAQ and terms.

Source: https://blog.coinbase.com/compound-comp-is-now-available-on-coinbase-earn-74cb88acbf78?source=rss—-c114225aeaf7—4

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Compound (COMP) is now available on Coinbase

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Coinbase

Starting today, Coinbase supports Compound (COMP) at Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can now buy, sell, convert, send, receive, or store COMP. COMP will be available for customers in all Coinbase-supported regions, with the exception of New York state.

Compound (COMP)
Compound (COMP) is an Ethereum token that governs the Compound protocol. The protocol allows anyone to supply or borrow Ethereum tokens through a decentralized market. Suppliers earn interest on the crypto they supply to the protocol and borrowers pay interest to borrow it.

One of the most common requests we hear from customers is to be able to buy and sell more cryptocurrencies on Coinbase. We published a process for listing assets, designed in part to accelerate the addition of more cryptocurrencies. We are also investing in new tools to help people understand and explore cryptocurrencies. We launched informational asset pages (see COMP here), as well as a new section of the Coinbase website to answer common questions about crypto.

You can sign up for a Coinbase account here to buy, sell, convert, send, receive, or store COMP today.

Coinbase owns COMP tokens as a result of a 2018 investment in Compound. Coinbase intends to maintain its investment in Compound for the foreseeable future and maintains internal policies that address the timing of permissible disposition of its digital assets, including COMP tokens.

Source: https://blog.coinbase.com/compound-comp-is-now-available-on-coinbase-de42a317790c?source=rss—-c114225aeaf7—4

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