Xiaomi’s quarterly revenue fell by 10 per cent as the global smartphone market slumps and Chinese demand falls.
Sales of the company’s mobile devices fell 11 per cent, leading to a net loss of A$310,470 for the quarter.
This is despite logging sales of A$14.6 billion during the quarter, slightly above analysts’ estimates, but not enough to buck the overall drop in smartphone sales.
Global smartphone sales suffered a 12.2 per cent slump in 2022, and are set to decline a more modest 2.9 per cent in 2023.
“The challenge in China is Covid, the pandemic situation is still volatile,” President Wang Xiang said. “There’s still room for growth in overseas markets.”
