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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.