
Xiaomi's stumble allows Apple to reclaim No.2 spot in smartphones
CNN
Xiaomi stumbled in the third quarter as it grappled with fallout from the global chip shortage and fiercer competition.
The Chinese company, which only recently became the world's second-biggest smartphone maker, fell back to third place behind Apple (AAPL) in the three months ended September, according to Counterpoint Research and Canalys.
Posting earnings on Tuesday, Xiaomi said that its smartphone business had been severely affected by the ongoing shortage of semiconductors, which it expects to continue through the first half of next year.
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