Xiaomi, the Chinese smartphone maker, has reported its steepest fall in quarterly revenue on record after the company was hit by a slowdown in consumption and disruptions caused by China’s Covid-19 restrictions. Xiaomi’s Q4 2022 sales were down 22.8% year on year to CNY 66.05bn ($10.3bn), slightly above what was expected by analysts. However, this marks the company’s fourth consecutive quarter of revenue decline, with net income for Q4 falling 67.3% year on year to CNY 1.46bn. Xiaomi’s revenue also declined by 14.7% for the year to CNY 280.04bn, while net income fell 61.4% to CNY 8.52bn.
Xiaomi’s Q4 revenue drops, loses Indian market share to Samsung in high-end smartphones.
