Smartphone Maker Xiaomi Sees Quarterly Turnover Fall for the First Time

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The Chinese Xiaomi, the third-largest smartphone manufacturer in the world, has recorded lower quarterly sales for the first time in the past period.

 

The company suffered from the strict lockdown measures in China against the coronavirus, which hit sales. Xiaomi also suffered a loss.

Turnover fell by almost 5 percent to 73.4 billion yuan, or more than 10 billion euros, compared to a year ago. A year earlier, that was a profit of more than 1 billion euros converted. Xiaomi is facing higher production and transportation costs and shortages of chips.

Due to corona outbreaks, major Chinese cities such as Shanghai have gone into a strict lockdown, making it difficult for people to shop.

In addition, high inflation means that consumers spend less money. In addition to smartphones, Xiaomi also sells laptops and other electronics.

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