Latest News by Industry
China’s Xiaomi Corp on Friday reported weak quarterly revenue due to strict Covid-19 lockdowns.
In the second quarter, the company’s sales fell 20% year on year to 70.17 billion yuan ($10.31 billion), missing estimates. Net income of Xiaomi fell 67% to 2.08 billion yuan.
Sales of the smartphone segment of the company, which generates the maximum revenue, also fell 29%.
The company blamed the slump in sales on rising fuel prices, input costs, and global inflation in addition to the impact of Covid-19 lockdowns.
Picture Credits: Reuters
ALSO READ: