Editorial Summary

Chinese handset manufacturer Qiao Xing Mobile Communication Co., Ltd. (NYSE: QXM) reported first quarter results before market on Wednesday. Qiao Xing recorded revenues of $86.2 million, down 15.8 percent year-on-year and 19.1 percent quarter-on-quarter. During the period, Qiao Xing shipped approximately 846,000 handsets, up 12.4 percent from a year-ago and down 1.9 percent sequentially. Net income was $15.2 million, up 1.1 percent year-on-year and down 25.5 percent from the fourth quarter of 2007. Company CEO David Li attributed income declines to increases in corporate tax from the previous 15 percent rate to 25 percent.