Xiaomi Logs First Revenue Drop as Covid, War Hurt Demand

(Bloomberg) — Xiaomi Corp. posted its first quarterly revenue decline on record after Beijing’s strict Covid containment policies and global component shortages crippled smartphone sales.

China’s largest smartphone maker is losing global market share to frontrunners Samsung Electronics Co. and Apple Inc. as consumer confidence wanes in a home market stricken by quarantines from Shanghai to Beijing. It logged sales of 73.4 billion yuan ($10.9 billion) in the January-March period, down 4.6% from the previous year, beating the average analyst’s estimate of 72.5 billion yuan.