Xiaomi’s Growth Withers After Chip Shortages, Rivals Hurt Sales

(Bloomberg) — Xiaomi Corp.’s quarterly sales growth slowed markedly after the Chinese smartphone giant weathered a resurgent Apple Inc. and supply chain mayhem choked off the flow of vital components.

The Beijing-based company said it expects shortages of the chips that go into its devices and smart appliances to persist well into 2022 before easing around the second half of the year. Despite the supply crunch, which has walloped adjacent industries from cars to PCs, Xiaomi said it plans to ship roughly 190 million smartphones in 2021 — a rise of about 29% from last year.