There has been no consensus on the empirical results on the relationship of multimarket contact and enterprise performance, and in recent years, there has been controversy over the direction of research suggesting a U-shaped relationship between multimarket contact and performance. Based on the theory of coopetition relationship, this paper uses data from the global mobile phone industry from 2013 to 2022 to empirically test the relationship between multimarket contact and enterprise performance. The results show that there is an S-shaped curve relationship between multimarket contact and corporate performance. For macro environmental aspects, host country institutional voids and institutional distance between host country and home country can serve as moderators, and for firm-level aspects, internationalization scope serves as a moderator. They each has a positive moderating effect on the relationship of multimarket contact and performance.