Xiaomi Q2 Revenue Drops as Covid Restrictions Hit China Sales

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Xiaomi Q2 Revenue Drops as Covid Restrictions Hit China Sales

Reuters2022-08-19

Chinese smartphone maker Xiaomi Corp(1810.HK)posted a 20% drop in second quarter revenue on Friday, as the world's biggest smartphone market shrank, hit by strict COVID restrictions.

Xiaomi reported 70.17 billion yuan ($10.31 billion) in revenue for the quarter ended on June 30, down from 87.8 billion a year earlier but slightly below the 70.59 billion expected by analysts.

($1 = 6.8058 Chinese yuan renminbi)

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