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Business & Finance Print edition: 2023-03-27

Xiaomi’s revenue slides

Published March 27, 2023 Updated March 27, 2023 06:15am
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By Reuters
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SHANGHAI: Chinese smartphone maker Xiaomi Corp on Friday reported a record drop in fourth-quarter revenue as the company weathered a slowdown in consumption and disruptions due to China’s COVID-19 curbs.

Sales in the fourth quarter of 2022 reached 66.05 billion yuan ($9.6 billion), down 22.8% from 85.58 billion yuan a year earlier.

The numbers were slightly ahead of analyst expectations, but they mark the fourth consecutive revenue drop for the company, and its steepest on record yet.

Xiaomi Corp

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