Chinese photo-editing software developer Meitu Mobile announced plans to close down its smartphone business on Apr. 14. The mobile phone business will be transferred to Xiaomi Corporation.
Meitu's 2017 financial report showed a surge in revenue. The internet business segment achieved full-year gross profit and single quarter net profit. However, user activity, the most important core indicator of an app's performance, has fallen sharply, which may be detrimental to its future development.