The Chinese smartphone major Xiaomi is recently diversifying into a new range of phones as the Chinese smartphone maker announced impressive growth with its latest financials.
With this, the company has announced its plans to take over selfie app maker Meitu’s smartphone business to go after new demographics. This is being done particularly keeping in focus the women, while it lodged impressive 49 percent revenue growth in Q3.
Xiaomi posted a net profit of 2.481 billion RMB ($357 million) for the quarter on total sales of 50.846 billion RMB ($7.3 billion). The majority of those phones are sold in China, but the company said that international revenue overall was up by 113 percent year-on-year.
Also, the very well-known for its ‘beautification’ selfie apps, Meitu sells smartphones that tap its selfie brand with optimized cameras and advanced editing features. And now, Xiaomi is taking over that business through a partnership that will see Meitu paid 10 percent of the profits for all devices sold.
Meitu is hardly a mainstream phone brand. Its first device launched in 2013 and it has sold 3.5 million units to date.
Lately, the company cut back on its hardware, it has launched just one device this year compared to five last year, while the average sell price of its devices has fallen, causing it to forecast a net loss of up to 1.2 billion RMB (or $173 million) up from just 197 million RMB last year.