Xiaomi Revenue Dives 19% After Chinese Mobile Gloom Deepens
- Sales fell across all of Xiaomi’s main business lines
- Testing of EV to continue this summer in time for 2024 launch
Xiaomi is in the midst of a capital-intensive transformation.
Photographer: Angel Garcia/BloombergThis article is for subscribers only.
Xiaomi Corp. quarterly revenue slid 19% in a reflection of crumbling demand for electronics and internet services in a sputtering Chinese economy.
Sales fell across all its businesses, led by a 24% slide in smartphone revenue and 28% plummet overseas. That overshadowed better-than-expected quarterly profit, after cost reductions and a big one-time gain from the value of its investments propped up the bottom line.