Smartphone Giant Xiaomi Jumps After Joining China Buyback Wave
- The No. 3 mobile maker posted results that beat estimates
- Russia’s invasion of Ukraine set to weigh on sales this year
Xiaomi is the world’s No. 3 smartphone maker.
Photographer: Angel Garcia/BloombergThis article is for subscribers only.
Xiaomi Corp. jumped as much as 6.3% after posting better-than-expected results and declaring it will begin buying as much as HK$10 billion ($1.3 billion) of its own shares.
The world’s No. 3 smartphone maker joins Alibaba Group Holding Ltd. and other Chinese giants in accelerating repurchases after a brutal tech selloff. The announcement came after the world’s No. 3 smartphone maker posted a quarterly profit that beat analysts’ estimates, defying industry-wide component shortages thanks to a busy holiday season.