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Xiaomi Profit Misses Estimates on Smartphone Business Slump

  • Net incomes dived a worse than anticipated 83% in the quarter
  • Inflation, recession fear and war in Ukraine squeeze business
Updated on

Xiaomi Corp.’s profit fell more than expected after the global smartphone slump wiped out growth at the Chinese mobile giant.

Net income fell 83% to 1.39 billion yuan ($204 million) in the three months ended June, versus estimates for 1.5 billion yuan. Revenue slid 20% to 70.2 billion yuan, compared with an average projection for about 70 billion yuan.