Xiaomi shares decline by 5%

Lower-than-expected quarterly revenue mars impressive growth in net profit

Shares of Chinese smartphone vendor Xiaomi Corp declined by 5 percent on Wednesday after its quarterly revenue fell short of expectations, though the company beat profit estimates with strong performances in India and Western Europe.

The company's share closed at HK $11.64 ($1.48) in Hong Kong. Xiaomi posted 44.4 billion yuan ($6.63 billion) in revenue in the fourth quarter of 2018, up 26.5 percent year-on-year, but fell short of the expectations of 47.4 billion yuan, according to Refinitiv data.