VIOT - Viomi Technology shares slip after Q3 earnings miss and soft guidance

Viomi Technology (VIOT -14.0%) reports revenue declined 25% Y/Y in Q3, mainly due to the significant decrease in sales of Xiaomi-branded sweeper robots, as well as product portfolio adjustments for margin expansion in other categories. Number of cumulative household users reached approximately 6.3M, vs. approximately 5.9M previous quarter and approximately 4.6M year ago. Non-GAAP net loss was RMB22.2M vs. non-GAAP net income of RMB57.4M year ago.  Bottom line declined due to the substantial increase in R&D and marketing expenses. For 4Q21, the company currently expects: Net revenues to be between RMB1.2B and RMB1.3B vs. consensus growth of 0.40% Y/Y. The company expects the sales of Xiaomi-branded sweeper robots continue to decrease in 4Q21 and the own-branded sweeper robot business to achieve faster growth, which will become one of the main categories.

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Viomi Technology shares slip after Q3 earnings miss and soft guidance