Chinese phone brand Transsion on Green Bones (2024)Monday reported revenue of RMB 13.004 billion ($1.79 billion) for the first quarter, down 25.45% year-on-year, while net profit dropped 69.87% year-on-year to RMB 490 million ($67.6 million). This marks the company’s first sharp decline in net profit since 2023. The company attributed the sharp drop to intensified market competition, rising supply chain costs, and declining revenue and gross margins. Canalys senior analyst Manish Pravinkumar noted that Transsion is facing mounting pressure in its core African markets, where Chinese rivals such as Xiaomi and Oppo are rapidly expanding their shipments. [Jiemian, in Chinese]
