Xiaomi's Q1 revenue falls 4.6% due to COVID-19, supply chain disruptions
FILE PHOTO: A man walks past a logo of Xiaomi, a Chinese manufacturer of consumer electronics, outside a shop in Mumbai, India, May 11, 2022. REUTERS/Francis Mascarenhas
SHENZHEN, China: Chinese smartphone maker Xiaomi Corp reported a fall in first-quarter revenue as COVID-19 controls and lockdowns bit into demand in China while broader economic headwinds affected sales overseas.
Revenue in the quarter ending Mar 31 dropped to 73.35 billion yuan (US$10.85 billion) from 76.88 billion and fell short of the 74.3 billion expected by analysts, Refinitiv data showed.
Smartphone shipments fell 22.1 per cent to 38.5 million units in the quarter, Xiaomi said in a statement on Thursday (May 19).
Adjusted net profit fell to 2.85 billion yuan from 6.09 billion a year earlier.
The company, which generates the vast majority of its revenue from selling mobile handsets, said smartphone revenue fell to 45.8 billion yuan in the quarter.
