SHENZHEN (May 19): Chinese smartphone maker Xiaomi Corp reported a fall in first-quarter (1Q) revenue as Covid-19 controls and lockdowns bit into demand in China while broader economic headwinds affected sales overseas.
Revenue in the quarter ending March 31 dropped to 73.35 billion yuan (US$10.85 billion) from 76.88 billion yuan and fell short of the 74.3 billion yuan expected by analysts, Refinitiv data showed.
Smartphone shipments fell 22.1% to 38.5 million units in the quarter, Xiaomi said in a statement on Thursday.
Adjusted net profit fell to 2.85 billion yuan from 6.09 billion yuan a year earlier.
The company, which generates the vast majority of its revenue from selling mobile handsets, said smartphone revenue fell to 45.8 billion yuan in the quarter.