Xiaomi Corp’s quarterly revenue fell almost 10% as it battled a slumping global smartphone market and weak consumer demand at home, reports the South China Morning Post.
The Beijing-based company logged sales of RMB 70.5 billion ($9.85 billion) and net loss of RMB 1.5 billion for the quarter through September, reflecting a write-down of almost RMB 3 billion on items such as investment losses. Analysts had expected RMB 70.2 billion revenue and RMB 1.8 billion 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, electronics demand is cooling as shoppers react to elevated inflation and slowing economic growth.