Xiaomi posts 20% revenue fall, hurt by China Covid-19 curbs

Chinese smartphone maker Xiaomi Corp posted a steep drop in second quarter revenue on Friday as the world’s biggest smartphone market shrank, hit by strict Covid restrictions.

Sales fell 20 per cent year on year to 70.17 billion yuan ($10.31 billion), missing estimates and marking a steeper decline from the previous quarter, when the company posted its first-ever revenue drop since listing.

Net income fell 67 per cent to 2.08 billion yuan, missing analysts’ estimates.

China’s consumer consumption has struggled to rebound from the impact of lockdowns in Shanghai and other cities in the first half of the year.