Xiaomi to Slash 10% of Workforce Amid Declining Revenue

What’s new: Xiaomi Corp. confirmed Tuesday that it’s reducing headcount and streamlining its business at year-end as the Chinese smartphone maker faces declining revenue amid weak consumer demand.

A person at Xiaomi said the company is letting go almost 10% of its employees, or as many as 3,500 people. The total is less than previous media reports that the company would cut 15% of its workforce