Coolpad H1 sales fall 41% as Chinese smartphone market slows

Friday 21 August 2015 | 10:09 CET | News
Chinese smartphone maker Coolpad reported revenues for the first half of 2015 down 41.2 percent year-on-year to HKD 8.783 billion, hurt by the weaker economic climate, lower phone subsidies and price pressure on 4G devices. Gross profit dropped 45.0 percent to HKD 1.114 billion. After including a gain of HKD 2.657 billion from setting up its joint venture with Qihoo 360, the net profit jumped to HKD 2.843 billion from HKD 423 million a year ago. Coolpad said the new joint venture should help increase customer loyalty and profitability as it expands into the mobile internet services business.

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Categories: Mobile & Wireless
Companies: Coolpad / Qihoo 360
Countries: China
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