Xiaomi's stumble allows Apple to reclaim No.2 spot in smartphones
CNN
Xiaomi stumbled in the third quarter as it grappled with fallout from the global chip shortage and fiercer competition.
The Chinese company, which only recently became the world's second-biggest smartphone maker, fell back to third place behind Apple (AAPL) in 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.
When Kenyan President William Ruto touched down in Beijing seven months ago, he was welcomed on the tarmac with a red carpet and cordons of Chinese troops standing at attention. Among the goals of his three-day state visit in October: Securing another $1 billion in loans from China to help complete infrastructure projects.