Business Standard

Xiaomi logs first revenue fall after Covid lockdown, war hurt demand

China's largest smartphone maker is losing global market share to frontrunners Samsung Electronics Co. and Apple Inc

Xiaomi 12 Pro 5G
Premium

Bloomberg
Xiaomi Corp. posted its first quarterly revenue decline on record after Beijing’s strict Covid containment policies and global component shortages crippled smartphone sales.

China’s largest smartphone maker is losing global market share to frontrunners Samsung Electronics Co. and Apple Inc. as consumer confidence wanes in a home market stricken by quarantines from Shanghai to Beijing. It logged sales of 73.4 billion yuan ($10.9 billion) in January-March, down 4.6% from the previous year, beating the average analysts’ estimate of 72.5 billion yuan. 

Chinese smartphone vendors are under pressure at home as the country’s Covid lockdown measures hurt both retail demand and supply chains.

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: May 20 2022 | 2:47 AM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com