Shares of Xiaomi plunge despite the Chinese tech giant besting earnings expectations

div > div.group > p:first-child"> In Wednesday's trading session in Hong Kong, shares of Xiaomi dropped 4.59 percent.

Xiaomi's net profit for the fourth quarter more than tripled to 1.85 billion yuan , beating the 1.7 billion yuan average estimate of 10 analysts, according to Refinitiv data. In an interview with CNBC's"Squawk Box" ahead of the market open on Wednesday, Xiaomi CFO Shou Zi Chew attributed the company's fourth-quarter performance to keeping efficiency at"a very high level."

Since hitting an all-time closing high of 21.55 Hong Kong dollars per share on July 18 last year, shares of Xiaomi have plummeted to almost half that value.The stock closed Wednesday at 11.64 Hong Kong dollars.

Goood

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Ulta Beauty shares climb after earnings, revenue top expectationsShares of Ulta Beauty rose following the release of the beauty company's better-than-expected fourth-quarter earnings.
Source: CNBC - 🏆 12. / 72 Read more »

Ulta jumps after earnings, sales, and guidance top expectationsUlta, the beauty retailer, reported fourth-quarter earnings results after the bell on Thursday.
Source: BusinessInsider - 🏆 729. / 51 Read more »

GE shares drop after giving 2019 earnings forecast lower than Wall Street estimatesGeneral Electric gave shareholders an updated earnings forecast on Thursday.
Source: CNBC - 🏆 12. / 72 Read more »

Tencent Music meets profit estimates in first earnings report, shares fallChina-based music streaming company Tencent Music Entertainment Group on Tuesday...
Source: Reuters - 🏆 2. / 97 Read more »