Chinese telecoms giant Xiaomi posted its first quarterly revenue decline on record after Beijing’s strict Covid containment policies and global component shortages crippled smartphone sales, reports Caixin.
China’s largest smartphone maker is losing global market share to frontrunners Samsung Electronics and Apple as consumer confidence wanes in a home market stricken by quarantines from Shanghai to Beijing. It logged sales of RMB 73.4 billion ($10.9 billion) in the January-March period, down 4.6% from the previous year, beating the average analyst’s estimate of RMB 72.5 billion.
Chinese smartphone vendors are under pressure at home as the country’s Covid lockdown measures hurt retail demand and supply chains. The biggest chip factories in Shanghai have had to operate under strict limits on workers’ movements since late March following a lockdown of the financial hub.