Xiaomi Q1 revenue falls 18.9% as global smartphone demand stalls

SHANGHAI: Xiaomi Corp reported a 18.9% drop in quarterly revenue on Wednesday as consumer demand for smartphones remained weak even as the economy recovered from the Covid-19 pandemic.

Sales in the first quarter of 2023 reached 59.5 billion yuan, down from 73.35 billion yuan in the same quarter a year earlier, roughly in line with analyst estimates of 59.43 billion yuan.

Net income rose to 3.23 billion over the period, an increase of 13.1 % from 2.86 billion yuan a year earlier.

After China lifted its stringent pandemic controls late last year, the country’s economy has recovered but consumers are spending cautiously.