Caixin
Nov 24, 2022 03:37 PM
BUSINESS

Xiaomi’s Revenue Dives 10% After Smartphone Demand Tanks

A conference-goer holds the Xiaomi Mi Mix Fold foldable smartphone on Feb. 28 at the Xiaomi booth at MWC Barcelona in Barcelona, Spain. Photo: Bloomberg
A conference-goer holds the Xiaomi Mi Mix Fold foldable smartphone on Feb. 28 at the Xiaomi booth at MWC Barcelona in Barcelona, Spain. Photo: Bloomberg

(Bloomberg) — Xiaomi Corp.’s quarterly revenue fell almost 10% as it battled a slumping global smartphone market and weak consumer demand at home.

Sales of mobile devices fell 11%, leading declines across business divisions encompassing smart electronics and internet services. The Beijing-based company logged sales of 70.5 billion yuan ($9.9 billion), slightly above estimates. But it posted a surprise net loss of 1.5 billion yuan for the quarter through September, reflecting a write-down of almost 3 billion yuan on items such as investment losses. Adjusted net income, which strips out exceptionals, exceeded analysts’ estimates.

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