China's Xiaomi revenue misses estimates as competition intensifies

China's Xiaomi Corp on Tuesday reported a smaller-than-expected 8.2% rise in third-quarter revenue as smartphone sales growth stalled amid intensifying competition from rivals.
 

Shares fell nearly 7% at the market's open on Wednesday.
 

The company, which gets the vast majority of its revenue by selling mobile handsets, said smartphone revenue rose 0.4% to 47.8 billion yuan ($7.49 billion) in the three months to Sept. 30.
 

Yet smartphone shipments fell 5.8% on the year in the third quarter to 43.9 million units. The company pointed to the global chip shortage as the cause of the decline.
 

On an earnings call, Xiaomi