Xiaomi’s adjusted net profit plummeted over 50% on year in Q1, smartphone shipments fell more than 20%

THE WIRE - Up-to-the-minute news updates walk you through every trading day!

Chinese smartphone maker Xiaomi Corp's smartphone shipments declined by more than 20% on year in the first quarter and adjustment net profit dived more than 50% as COVID-19 outbreaks and lockdowns hit demand in China while broader economic headwinds including the Russia-Ukraine conflicts added to costs.

Revenue in the quarter ending March 31 fell to 73.35 billion yuan ($10.85 billion), down 4.6% from 76.88 billion a year earlier . . .

 

 

Random and hype-based reporting never gives you a full picture. Focused and systematic reporting does. We track Chinese economy and financial market in a systematic way to help you make intelligent decisions.