Investors are responding tepidly to Xiaomi’s upbeat second quarter earnings report.
The price of the company’s Hong Kong-listed stock dropped 5% to HK$8.95 ($1.14) as of 11 a.m. Wednesday, giving the 9-year-old tech firm a market cap of HK$214 billion.
On Tuesday, Xiaomi released its earnings for the three months ending in June. During the three-month period, its revenue rose 15% to 52 billion yuan ($7.4 billion), while adjusted net profit surged 72% to 3.6 billion yuan.
The Chinese electronics-maker has had a bumpy ride since its IPO last July — its current stock value is just over half of its listing price of HK$17.
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