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Investors Applaud SMIC and YY, Shun Huami After Latest Earnings Reports

By Yang Ge / Nov 13, 2019 01:20 PM / Business & Tech

Photo: VCG

Photo: VCG

Chips and social media won big while wearable technology disappointed as three leading Chinese tech firms reported their latest earnings in New York and Hong Kong.

Leading Chinese chipmaker SMIC excited investors by announcing a return to profitability in the third quarter, while social media platform operator YY also got cheers for its latest results despite a sharp profit decline. Investors were less upbeat about wearable high-tech device maker Huami, even as the company that’s part of smartphone maker Xiaomi’s ecosystem posted strong profit and revenue growth.

Here are highlights from the three companies’ third-quarter earnings reports.

—     After market close on Tuesday in Hong Kong, SMIC reported a return to profitability in the third quarter, posting an $84.6 million profit versus a $25.8 million loss a year earlier. Revenues were less stellar, down 4% to $816.5 million. Still, investors cheered the results by boosting the company’s shares by 6.4% midway through the Wednesday trading day in Hong Kong.

—     After New York markets closed on Tuesday, YY reported its third-quarter revenue rose 68% to 6.88 billion yuan ($982 million), even as its profit plunged 83% to 110 million yuan. But investors didn’t seem to mind the decline, with YY shares up 5.3% in after-market trading after the results came out.

—     Huami’s profit and revenue both grew more than 70%, to 203 million yuan and 1.86 billion yuan, respectively. But investors weren’t impressed, bidding down Huami shares by 1.4% in regular trade on Tuesday in New York after the results were announced.

Contact reporter Yang Ge (geyang@caixin.com; Twitter: @youngchinabiz)

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