(Yicai Global) March -- Shares in Chinese device and software maker Xiaomi Technology have slumped more than 4 percent this morning after the firm announced smartphone sales dived in the final quarter of 2018.
The Beijing-based firm's share price [HKG:1810] was down 4.1 percent at HKD11.7 (USD1.5) as of 10.19 a.m., its largest single-day decline since Jan. 10.
Xiaomi sold just 25 million smartphones worldwide in the last three months of 2018, according to its annual report published yesterday. That was down 8.3 million from the third quarter and 3.5 million from the same period a year earlier.
The company blamed changes to its market strategy. It launched just two new handsets during the period -- the Xiaomi Play and the Xiaomi Mix 3, its most expensive product released in 2018 -- compared with 16 throughout the whole year.
The fourth quarter was a transition period in preparation for the launch of Redmi as an independent brand in the New Year, Xiaomi said. It forecast the newly released Redmi Note 7 will sell more than 4 million times over the first quarter.
Editor: James Boynton