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

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.