Xiaomi’s profit jumps as smartphone shipments surge

SHENZHEN/SHANGHAI (Reuters) – Xiaomi Corp on Tuesday reported a 19% jump in third-quarter net profit, beating estimates, as the Chinese smartphone maker’s shipments over the quarter surged by 45.3% on a year earlier.

FILE PHOTO: People wearing protective face masks visit Xiaomi brand’s store, amid the outbreak of the coronavirus disease (COVID-19) in Kyiv, Ukraine October 22, 2020. REUTERS/Valentyn Ogirenko

Xiaomi has grabbed market share in China and Europe as its rival Huawei Technologies has faced U.S. sanctions that have hit its supply chain.

The company expects it will continue to gain market share after the latest round of U.S. sanctions against Huawei disrupted its supply chains in August..

Xiang Wang, Xiaomi’s president, when asked whether Huawei’s problems had helped Xiaomi, said that the company was “paying attention to what is happening into the market,” but was continuing with its own strategy.

Xiaomi’s smartphone revenue rose to 47.6 billion yuan,

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Is Liquid Software The Next Big Thing? And How To Profit From It

What Is Liquid Software?

Digital transformation has become an imperative for all organizations, and as such, organizations of all types and sizes are increasingly dependent upon software to better engage with their customers, partners, and employees and meet the demand for constant innovation. As a result, the continuous and reliable release of new software has become mission critical – this phenomenon is known as: Liquid Software. 

How To Profit From It:

In September 2020, JFrog Ltd. went public and it specializes in the Liquid Software and DevOps space. JFrog’s collective vision is to power all software releases continuously and seamlessly across the globe. With Liquid Software, there are no software versions. No update buttons, no poor experiences and no versions users need to care about. JFrog envisions a version-free world where user

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Airbnb files for IPO, shows it can actually make a profit

Airbnb has filed paperwork for its initial public offering that shows, unlike other tech unicorns, it’s been profitable in several quarters over the last couple of years. The revelation was included in the short-term rental company’s 250-page filing with the US Securities and Exchange Commission on Monday.

During the third quarter of this year, Airbnb made $219 million in profit on revenue of $1.34 billion. Despite the positive outlook, those numbers are down nearly 19% from the same time last year when it reported $227 million in profit on revenue of $1.65 billion. The third quarter is the only quarter Airbnb made a profit so far this year.

The company said the reason for this is largely due to the hit it took as the novel coronavirus pandemic has ravaged travel destinations and people have adhered to shelter-in-place mandates.

“Our financial results for the first nine months of 2020 were

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Cisco Profit Beat Prompts Analysts to Nudge Up Price Targets

Shares of Cisco  (CSCO) – Get Report gained on Friday after the communications equipment maker posted better-than-expected fiscal first-quarter earnings and sales, spurring several analysts to raise their one-year price targets on the company’s stock.

Cisco shares were up more than 7% in premarket trading after the company said it earned 76 cents a share in its fiscal first quarter, above consensus forecasts of 70 cents. Sales fell 9.6% to $11.9 billion, though came in slightly above analysts’ forecasts.

The results coupled with an “improved tone” from management on the company’s accompanying conference call prompted several Wall Street analysts to adjust their one-year price targets on Cisco slightly upward.

Piper Sandler analyst James Fish edged his one-year price target to $45 from $44 on what he described as a “low quality beat” on “better than feared” results, while RBC Capital Markets analyst Robert Muller raised his one-year target

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Foxconn Sees Apple iPhone 12 Boost After Q3 Profit Beat

Foxconn Technology Group  (FXCNY) , the world’s biggest electronics manufacturer and Apple Inc.’s  (AAPL) – Get Report most important supplier, posted stronger-than-expected third quarter profits and forecast solid revenues for the coming year amid an expected jump in post-pandemic demand for new smartphones and laptops. 

Foxconn, formally known as Hon Hai Precision Industry Co. Ltd., said net profits for its September quarter rose 1% to T$30.8 billion, or just under $1.1 billion, and came in ahead of analysts’ forecasts of a T$28.6 billion tally.  Group revenues fell 7% from last year to T$1.29 billion, Foxconn said, while profit margins improve by 20 basis points to 2.39%.  

Foxconn said it sees current-quarter revenues within a range of -3% to +3% when compared to last year, but notes that 2021 sales will grow by around 10% amid what it sees as strong demand for consumer electronics in general

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China’s Tencent quarterly profit jumps 89%, beats forecast

By Pei Li

FILE PHOTO: Logo of Tencent is seen at its booth at the 2020 China International Fair for Trade in Services (CIFTIS) in Beijing

FILE PHOTO: Logo of Tencent is seen at its booth at the 2020 China International Fair for Trade in Services (CIFTIS) in Beijing

HONG KONG (Reuters) – Chinese gaming and social media giant Tencent Holdings Ltd reported on Thursday a forecast-beating 89% rise in quarterly profit, boosted by video games and advertising businesses. The world’s largest gaming firm by revenue booked a 38.5billion yuan ($5.8 billion) profit for the three months throughSeptember. That was ahead of an analyst average estimate of 30.81 billion yuan, according to data from Refinitiv.


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Revenue rose 29% to 125.4 billion yuan.

The Chinese giant has benefitted from healthy growth of paying users for video games in China and international markets. Its flagship game Honor of Kings reported a record 100 million daily active users in the first 10 months of 2020.

Tencent said that, following the COVID-19

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Profit down 75% but handbags and China drive recovery

A Burberry bag. Photo: Christian Vierig/Getty Images
A Burberry bag. Photo: Christian Vierig/Getty Images

The COVID-19 pandemic significantly hurt sales at British luxury brand Burberry (BRBY.L) but a recovery is already underway thanks to a revival in Asia and the Americas.

Burberry published its interim results on Thursday, showing sale fell by 30% to £878m (£1.1bn) in the six months to the end of September. Operating profit fell 75% to £51m.

COVID-19 forced Burberry to close the majority of its stores around the world in March. 10% of the brand’s shops remain closed across Europe, the Middle East, and Africa.

However, the company said a recovery was already underway thanks to growth elsewhere. Sales in America grew by 21% in the three months to September and grew by 10% in China.

“While the virus continues to impact sales in EMEIA, Japan and South Asia Pacific, we are encouraged by our overall recovery and the strong response to

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Apple Supplier Foxconn Third-Quarter Profit Growth Near Flat, Beats Estimates | Technology News

TAIPEI (Reuters) – Foxconn, the world’s largest contract electronics maker, reported near flat quarterly profit on Thursday, beating market estimates amid firm demand for telecommuting devices as the pandemic-induced work-from-home trend continues.

The Taiwanese company, whose clients include technology majors such as Apple Inc, booked July-September net profit of T$30.8 billion ($1.08 billion), Reuters calculations showed based on nine-month figures.

That compared with the T$28.61 billion average of 13 analyst estimates compiled by Refinitiv. Profit growth was nearly flat versus the T$30.7 billion of the same period a year prior.

Chief Financial Officer David Huang told an investor conference that third-quarter revenue fell 7% due to clients delaying product launches.

Still, Chairman Liu Young-way said Foxconn saw “stronger than expected” demand for both smartphones and servers, with strong shipments of Apple’s new iPhone 12 supporting revenue.

Foxconn, formally Hon Hai Precision Industry Co Ltd, said it expected revenue to rise

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