Xiaomi revenue falls in Q3 amid COVID-19 curbs

Chinese smartphone maker Xiaomi Corp. on Wednesday reported a 9.7 percent fall in thirdquarter revenue, hit by China’s COVID-19 restrictions and softening consumer demand. Sales in the third quarter reached 70.17 billion yuan ($9.81 billion), down from 78.063 billion yuan the same quarter a year ago, slightly missing analyst expectations of 70.52 billion yuan. Net income fell 59.1 percent to 2.12 billion over the period from 5.176 billion yuan one year ago.

Revenue from smartphones, which make up roughly 60 percent of Xiaomi’s total sales, fell 11.1 percent year-on-year.

In 2021, Xiaomi saw a sales surge after it grabbed market share from rival Huawei Technologies Co. Ltd, whose ability to procure components has been hit by US sanctions.