Xiaomi revenue falls in third quarter as Covid-19 controls bite

Chinese smartphone maker Xiaomi Corp on Wednesday reported a 9.7 per cent fall in third-quarter 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 per cent to 2.12 billion over the period from 5.176 billion yuan one year ago.

China’s consumer consumption has remained weak as cities across the country continue to implement lockdowns to prevent the spread of the Omicron variant.