Thanks, Wayne. everyone. Greetings,
financial Let second me metrics of walk quarter the our you through results. of key some
X electronics past facing entire the the years, consumer been significant sector has Over challenges.
headwinds discretionary is also of that especially We our have inflationary in for environment spending, an creating observed pressure operations. the
during larger-than-usual certain Samsung the Day competitiveness Prime like regions, Additionally, the major and industry brands offered highlighting past Apple of discounts the landscape. in
AI-enabled cautiously with market to will insights health are growth year services the that we research, AI return However, overall optimistic to in to growth as this according IDC see smart drivers. wearable and
is and with entered ourselves which It's initiatives billion-plus in the growth positioning This a effectively our Simultaneously, implemented market. recently segment, into always sales we earbuds in cost is transformation at wearable high will the category the prioritizing X be Our market. rate years. worth to Bluetooth ring deliver double-digit that profitability, in product the represents it on open in upcoming profits focus growing a from USD aiming the previous we has substantial we'll the stereo quarters. are headphone we entering as highlighting why been smart that market current also maximize self-branded continuing
most pillars innovations The behind and Now to technologies, through on we are major applying focus new challenging Echoing of statement, transformation global turning and growth sponsorship key progress a marketing with believe us. profitable AI, product the our is with phase sales. driving visibility X particularly efforts. Wayne's our enhancing
are expanding wearables growth particularly in about long-term self-branded care us We our excited product which for leader offerings, as and solutions. health global position smart a
sequential X% in aligned sales a growth anticipate development decline For efforts, sales. ahead. our the products, a testament transformation we we continued and quarters increase self-branded made our with offset have the overall more in with is progress This positive than our product of our sequential Xiaomi-branded in the quarter, the to guidance second
including such gross timing as new by broader Moving sales, of can the year-over-year upgrades. XXXX launch and challenges. to be which life decline launches due part influenced factors product and product second in were mix, margin, towards in cycles, skewed the Despite model half of timing a the which on to various product macro
in proportion a reached This the XXXX contributing the gross a the profitability expansion include products our and our of of third higher products, marks the factors primarily reduction Our gross mix, represents quarter XX.X%. improved margin margin for new and the by history, activities. clearance increased the of margin a highest we product of quarter in continuation company's driven self-branded initiated of
launches product new margins the profitability outcome leveraging performance. second from half are scale, year, similar persist confident to sustain prioritize in margin with positive expected the year, decision the the into our year over of our to the we will overall This company's levels. the trend at with second products strategic together ahead, of self-branded full to remain underscores revenue gross that in Looking the this half
let's sustainable our management. and on costs. We the a operating maintained Continuing expenditures in the overall investing to research with commitment Now, on second growth. cost to which quarter, steadfast costs. QX discretionary development remain preserve rigorous while began activities spending approach we we turn marketing in program, in long-term In XXXX and to reducing our
the the million, line operating previous guidance. with quarter were result, in lowest past our and in year costs USD a XX.X is the As for level
XX.X% a for we in in second the suitable competitors. return to year-over-year. achieve R&D allocation, quarter XXXX. functions reflecting USD At The edge period to was compared Our a same committed productivity. reduction to new XXXX XX.X% maintain technologies XX.X% decrease of the against million, and maximum of optimize the efforts during investment our spending were XX.X ensuring time, our on to in our represented result our competitive R&D of invest same revenue expenses we're resource This AI ongoing and
aimed in for outdoor our XX.X% Europe, from retail up investments refining mix across ahead Olympics by primarily of rise in brand commercials awareness profitability million, carefully This the for optimizing accounted and revenue, Selling channel year. USD XX.X UEFA of was our parallel, marketing sales Paris. during to XXXX a channels year-over-year. have QX by marketing previous been the some enhancing X.X% we and modest The television in increase teams. and and expenses at fostering our and managing In strategically and our retail amounted driven XX.X% our strategic
We initiatives smart will are our committed making marketing in and growth. that branding investments long-term to fuel
expenses strict in USD expenses our million control marking XX.X% optimization These costs. same to discretionary personnel of represented XX.X% compared X.X successful reflects revenue initiatives G&A a our year. and This QX, in the period last reduction were over decrease X.X% year-over-year.
whole, operating attributable remain management When the largely current loss the the levels the upcoming year. same first net consider income to keep we committed and levels, ahead, lower the Looking thanks or sales below Despite despite as cost versus a XXXX costs coverage cost this loss period have issues. margin we we quarter, cost higher by quarters. and at controlled gross last to in of narrowed to half aiming prudent tightly XX% reporting to
Now balance on to sheet. turning
to working capital effectively. continue We our manage
marking were QX, inventory levels lowest company's the in history. level the of the QX at Our end lower than
maintain to quarters. working will discipline We approach this in subsequent capital
seize cash This growth. Our potential and debt. despite XXXX, debt losses. by Since strong short/long-term us QX USD million stands of position with resources of have retirement cash of necessary the In we quarterly end invest in million with cash strategically the at our initiated the the the opportunities level XXXX, market future and balance quarter's to including encrypts have we then, USD XXX retired first QX, successfully portfolio. QX XX.X consistent
to continues flow second capital to we company. the cash continue optimize the operating in for our structure strengthen As will half,
proceed initiative In deliver with line dedication and shareholders' confidence This to shareholders, share underscores program throughout to value. our we'll the buyback value our in with company's long-term commitment our future to XXXX. our enhancing our
actual million to revenue in confident growth with our guiding products of third self-branded range on of for and to USD support. build have XXXX. Operator, the XX% are and XX We're million. we ability will on please XX% the you quarters of represents USD to compared generated XXXX, Thank ahead, your to in Looking quarter XX in QX ahead. questions. to the revenue on we growth go come. line the continued time the now the open drive further profitability momentum I for once again It any
