Xiaomi Profits Miss Estimates on Smartphone Business Slump

Pedestrians wearing protective masks walk past advertisements at a Xiaomi Corp. store in Hong Kong, China, on Tuesday, May 25, 2021. Xiaomi is scheduled to release earnings results on May 26. Photo: Bloomberg

(Bloomberg) — Xiaomi Corp.’s profits fell more than expected after the global smartphone slump wiped out growth at the Chinese mobile giant.

Net income fell 83% to 1.39 billion yuan ($204 million) in the three months ended June, versus estimates for 1.5 billion yuan. Revenue slid 20% to 70.2 billion yuan, compared with an average projection for about 70 billion yuan.

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