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

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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 . . .

 

 

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