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Coolpad reveals financial data for 2020; reports 56.3% decline in consolidated income

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Coolpad, the China-based smartphone manufacturer, has revealed the financial data for the year 2020. It revealed that the group generated a consolidated income of HK$817.6 million during the whole year.

The numbers represent a decline of 56.31 percent year-on-year and the company mainly attributes it to the COVID-19 pandemic. The company also said that because of this, it postponed the launch of several smartphone models. This further added to the substantial decrease in the sales.

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It adds that the pandemic has disrupted the supply chain and the price rise in several components caused the company’s expenses to rise. In order to cut down the cost and reduce potential risk, Coolpad says that it is gradually shifting from the overseas market and will be focusing more in the home market, China.

The company hasn’t launched any major products in recent times. Last year, it also withdrew a series of patent infringement lawsuits that the company had filed against another Chinese brand Xiaomi.

Earlier this year, in January, it launched the Coolpad Cool S smartphone in Nepal, and around the same time, the company had launched the Cool Bass, true wireless earphones in the Indian market. But there have been no major announcements from the company and going by the financial situation of the brand, it will be interesting to see how it manages to re-establish itself in the market.

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