China's Covid restrictions cause Xiaomi's June quarter revenue to go down by 20%

2 Sep 2022 , 07:51 AM

The world’s largest smartphone market shrank as a result of stringent COVID regulations, according to data released on Friday by Chinese smartphone manufacturer Xiaomi Corp.

Sales dropped 20% year over year to 70.17 billion yuan, falling short of projections and representing a more precipitous decline than the prior quarter, which saw the company report its first sales decline since going public.

Net income fell below analyst expectations by 67%, falling to 2.08 billion yuan.

The effects of lockdowns in Shanghai and other cities throughout the first half of the year have made it difficult for China’s consumer demand to recover.

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