Xiaomi Quarterly Sales Fall on Waning Smartphone Demand
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Xiaomi Corp.’s quarterly revenue fell almost 10% as it battled a slumping global smartphone market and weak consumer demand at home.
Xiaomi Corp.'s quarterly revenue fell almost 10% as it battled a slumping global smartphone market and weak consumer demand at home.The Beijing-based company logged sales of 70.5 billion yuan ($9.85 billion) and net loss of 1.5 billion yuan for the quarter through September, reflecting a writedown of almost 3 billion yuan on items such as investment losses. Analysts had expected 70.2 billion yuan revenue and 1.8 billion yuan net profit on average. Adjusted net income exceeded analysts' estimates. China's Covid Zero policy has sown chaos across the country's tech industry and supply chains, depressing economic activity. At the same time, electronic...