Why did ZEPP's Q4 2023 earnings fall short of forecasts?

Zepp Health's Q4 2023 earnings fell short of forecasts due to a combination of factors: 1. **Decline in Xiaomi Product Sales**: Zepp Health's revenue was negatively impacted by a decrease in sales of Xiaomi products. This decline may be due to various factors such as market saturation, competition, or changes in consumer preferences. 2. **Limited New Product Introductions**: The company experienced a year-over-year revenue decline, in part, due to limited new product introductions. This suggests that while the company has been successful in growing its sales quarter-over-quarter, it has not been able to capitalize on new product launches to the same extent as before. 3. **Strategic Shift Challenges**: Zepp Health is undergoing a strategic shift from an Original Equipment Manufacturer (OEM) to a branded smartwatch company. This transition likely involves significant investments and adjustments, which can temporarily impact financial performance. In summary, Zepp Health's Q4 2023 earnings fell short of forecasts due to a combination of declining Xiaomi product sales, limited new product introductions, and the challenges associated with its strategic shift.