PR Newswire, 1/27/10
Chinese mobile phone manufacturer Qiao Xing Mobile Communication (NYSE: QXM) has issued its earnings report for Q3 2009, ended September 30, 2009, with revenues reaching RMB 410.7 mln, down 32.44% year-on-year.
Net loss for the quarter came to RMB 83.8 mln, compared to a net profit of RMB 150 mln in the same period of 2008.
Total handset shipments in Q3 2009 came to 406,000 units, down 35.5% YoY, which the company primarily attributed to fewer new model launches and a slow-down in shipments amid increasing competition in the handset market. The average selling price (ASP) of handset products decreased 15.84% YoY to RMB 866 (USD 127) in the quarter. The lower ASP was attributed to the launch of lower-priced VEVA-series products to target the lower-end market and more aggressive pricing.
To view Qiao Xing Mobile's full earnings report, please click here.