Chinese technology giant Xiaomi shared its financial report for the second quarter of the year. According to the data Xiaomi’s wifecompared to the same period last year fell 83 percent and 1.36 billion yuan ($200 million). Shares of the company also fell 52 percent.
Smartphone sales stall, Xiaomi revenues crash
Xiaomi CEO Lei Jun latest by investors at the meeting, Xiaomi’s financial situation has been revealed. The world’s third-largest smartphone maker reported revenue of 70.1 billion yuan ($10.31 billion) in the last quarter. However company profit only $200 million was around. This figure went down in history as the lowest in recent years.
The fact that the financial picture was so down also affected Xiaomi shares traded on the Hong Kong stock exchange. According to the report, Xiaomi shares Compared to last year, it lost around 52 percent of its value and was HKD 11 ($1.49) happened.
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It is thought that the decline in Xiaomi earnings in the second quarter of the year is especially related to the inflation crisis seen all over the world. Research firm Canalys reported that smartphone shipments in the first half of 2022 decreased by 9 percent compared to a year ago. Also, most phones Apple, Samsung and Xiaomi sold it.
In addition, according to the report of the China-based South China Morning Post, Xiaomi cut 3 percent of its workforce and with 900 employees took apart. “The pandemic has revived in the Chinese market, so demand has been weak,” said Wang Xiang, President of Xiaomi.
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