China’s Xiaomi Corp reported 15 percent growth in quarterly revenue on Tuesday, its slowest ever, as fewer people bought smartphones at home and rival Huawei grabbed market share.

The company is weathering a bleak domestic smartphone market even as economic growth in China slows and Chinese consumers rally in support of beleaguered rival Huawei.

Xiaomi’s stock has lost more than a quarter of its value so far this year.

Xiaomi’s revenue in the second quarter ended June 30 rose to CNY 51.95 billion ($7.36 billion) from 45.24 billion a year earlier.

That was short of the 53.52 billion expected by analysts, Refinitiv data showed.

Net income slumped 87 percent to CNY 1.96 billion.

Still, adjusted profit of CNY 3.64 billion handily beat the 2.74 billion expected by analysts.

Xiaomi said total smartphone shipments in the second quarter rose to 32 million.

Huawei’s market share in China surged 31 percent in the June quarter, according to market research firm Canalys, while Xiaomi’s share shrank plunged by a fifth. But Canalys reckons Xiaomi’s shipments to Europe surged 48 percent.

© Thomson Reuters 2019

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