Say goodbye to Meitu. Many people may not be familiar with it and may be thinking if it’s really Meizu but the Chinese OEM known for its selfie phones is going to bow out of business. It’s not a new brand. It’s just not popular but we know about it beginning with the Meitu M8 Sailor Moon phone announced back in 2017. There’s also the Meitu V7 8GB RAM and Snapdragon 845 and the Meitu T9 released earlier this year and a few months after Xiaomi acquired Meitu’s hardware business through “strategic corporation agreement”.

Meitu is reportedly closing down the mobile phone business before the middle of 2019. No thanks to poor sales and revenue.

The 2.792 billion yuan in revenue is down by 37.8% from the previous year. Net loss is almost 87.91 million yuan which can be attributed to the slow mobile market.

The brand’s hardware revenue was down by 50.7% from last year. The poor numbers may be the signal for Meitu to give up the mobile business. It won’t be fully out though because Xiaomi will be taking over the phone business.

Meitu has licensed Xiaomi’s brand, domain name, and imaging technology. Included in what Xiaomi can take advantage of are Meitu’s image technology that also includes MTsegment image segmentation, MTface face technology, MTbeauty beauty, MTrestore image restoration, MTmakeup beauty technology, MTenhance image enhancement, and MTpose limb detection.

VIA: MyDrivers