Hong Kong (CNN Business) Xiaomi stumbled in the third quarter as it grappled with fallout from the global chip shortage and fiercer competition. Apple AAPL The Chinese company, which only recently became the world's second-biggest smartphone maker, fell back to third place behindin 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. "This year, there is a very special background, and that is there is a shortage of components globally," Wang Xiang, Xiaomi's president, said on an earnings call. The company logged 43.9 million global smartphone shipments in the third quarter of 2021, down about 6% compared with the same period last year.

Source: CNN November 23, 2021 18:29 UTC