
Chinese smartphone maker Xiaomi reported a 10.2% drop in gross profit for the first quarter of 2022 to 12.7 billion yen. This is evidenced by the financial report of the company.
From January to March 2022, Xiaomi's revenue fell by 4.59% to 73.3 billion yen, with an operating loss of 911 million yen against a profit of 8.16 billion yen in the same quarter of 2021.
The reason for the low figures was the decline in smartphone sales in CHINA amid the covid-19 crisis and the global shortage of semiconductors.
Xiaomi, Oppo and Vivo to Cut Smartphone Production by 20% Xiaomi , Smartphones , Retail , China
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