Xiaomi 4Q Revenue Decline as Covid-19 Disrupted Smartphone Sales
By Bingyan Wang
Xiaomi Corp. on Friday reported lower 4Q revenue as sales in its smartphone segment dropped amid the resurgence of Covid-19.
Revenue of Chinese smartphone maker in the fourth quarter fell to 66.05 billion yuan ($9.68 billion) from CNY85.58 billion in the same period a year earlier.
Profit rose to CNY3.14 billion from CNY2.44 billion.
Revenue from Xiaomi's smartphones segment decreased 27% in the fourth quarter compared with the same period a year earlier amid weakened China demand caused by the resurgence of Covid-19 and global economic headwinds, said the company.
Looking ahead, the company aimed to expand its scale and profitability in 2023. It also on track to achieve its goal of mass production of Xiaomi's first electronic vehicle in the first half of 2024, said the company.
Write to Bingyan Wang at bingyan.wang@wsj.com
(END) Dow Jones Newswires
March 24, 2023 07:28 ET (11:28 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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