Xiaomi said Friday it shipped over 70 million smartphones in 2015, short of an ambitious target it had announced last year, amid growing competition and high dependence on the Chinese market.

The Chinese company had forecast last year that it would sell at least 80 million phones during the year. It had sold 34.7 million handsets during the first half of the year.

Growth in smartphone sales is slowing down in China because of saturation of the market, said Anshul Gupta, research director at Gartner. Xiaomi is also facing stiff competition from other players who have copied the company’s strategy based on online sales, content and exclusive apps, he added.

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