(Bloomberg Opinion) — For at least two years, I’ve been calling out Xiaomi Corp. for pretending be an internet player when it really just makes smartphones. It took a global pandemic and economic meltdown for the Chinese company to finally realize its vision, sort of.A heady startup valuation and an initial public offering in 2018 were predicated on the idea that Xiaomi’s ecosystem of devices, sold at minimal profit, would drive demand for a more lucrative array of internet services, such as games and advertising. This didn’t bear fruit. Smartphones consistently contribute more than half the company’s revenue, while gross …read more
Source:: Yahoo Finance
