Chinese smartphone brand Xiaomi Thursday reported lower results for the first quarter 2021, with shipments down on the back of global macroeconomic headwinds and the resurgence of Covid-19.
In the report, Xiaomi gained total revenue of USD 10.9 billion, down 4.6% compared with USD 11.5 billion in Q1 2021.
The company said the 52.9% decrease in net profit was mainly attributed to COVID-19, the global smartphone market environment, target customers’ purchasing power, the costs of labour and parts, and the shortage of chips.
We are happy to announce that we have released our Q1 2022 results! Thank you to our amazing fans and partners for your support. #NoMiWithoutYou #InnovationForEveryone pic.twitter.com/ywVk2wkhaJ
— Xiaomi (@Xiaomi) May 19, 2022
Revenue from the smartphone business line decreased by 11.1%.
“The Covid pandemic in China heavily impacted our operation and logistics. It also hurt consumers’ willingness to buy phones,” President Wang Xiang said in a call on Thursday.
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