Jul 7, 2017

China's Xiaomi reverses slide, posts record quarter for phone sales

Xiaomi

After two years of slumping sales, China's Xiaomi said Friday that it shipped a record 23 million smartphones last quarter. That's up 70 percent from the prior quarter.

"This is a truly significant milestone for Xiaomi," CEO Lei Jun said in a statement. He also said that he is confident the company can reach its revenue goal of 100 billion Chinese yuan ($14.7 billion) for the year and said Xiaomi is aiming to ship 100 million phones in 2017.

Why it matters: As Lei Jun pointed out in his letter, the smartphone business tends to be unforgiving. Companies that see a slump tend not to recover. (Think BlackBerry, Nokia, HTC, etc.)

Go deeper

Coronavirus spreads to more countries, and U.S. ups its case count

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

The novel coronavirus continues to spread to more nations, and the U.S. reports a doubling of its confirmed cases to 34 — while noting those are mostly due to repatriated citizens, emphasizing there's no "community spread" yet in the U.S. Meanwhile, Italy reported its first virus-related death on Friday.

The big picture: COVID-19 has now killed at least 2,251 people and infected almost 77,000 others, mostly in mainland China. New countries to announce infections recently include Israel, Lebanon and Iran.

Go deeperArrowUpdated 2 hours ago - Health

Wells Fargo agrees to pay $3 billion to settle consumer abuse charges

Clients use an ATM at a Wells Fargo Bank in Los Angeles, Calif. Photo: Ronen Tivony/SOPA Images/LightRocket via Getty Images

Wells Fargo agreed to a pay a combined $3 billion to the Justice Department and the Securities and Exchange Commission on Friday for opening millions of fake customer accounts between 2002 and 2016, the SEC said in a press release.

The big picture: The fine "is among the largest corporate penalties reached during the Trump administration," the Washington Post reports.