SHENZHEN: Chinese smartphone maker Xiaomi Corp reported a fall in first-quarter 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 ($10.85 billion) from 76.88 billion and fell short of the 74.3 billion 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.
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Adjusted net profit fell to 2.85 billion yuan from 6.09 billion 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.
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