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Xiaomi and InvenSense -3

06:07 02-Jul-15


A subscriber notes that historical InvenSense customer Xiaomi is unlikely to meet even lowered sales expectations.  I've been saying for a while that the smart-phone market will continue to stagnate until flexible electronics can be rolled out, which probably still almost two years off.  The silver lining for InvenSense may be that lower volumes could come with greater diversity, and thus higher margins.  In any case, I've been unable to determine who actually won the gyro slots for the most recent Xiaomi models.  Smaller producers typically don't get detailed tear-downs either, so the best approach is simply to go with guidance from management.  The formal numeric portion of that is a bit underwhelming, and even the qualitative statements point towards a back-loaded year.  Thus my caution on InvenSense recently.