Sales in the third quarter totaled 70.17 billion yuan ($9.81 billion), down from 78.063 billion yuan in the same quarter last year, and fell short of analyst expectations of 70.52 billion yuan. Net income plummeted 59.1% to 2.12 billion yuan from 5.176 billion yuan the previous year. As cities across the country continue to conduct lockdowns to prevent the spread of the Omicron variety, hina’s consumer consumption has remained sluggish. “Despite ongoing global macroeconomic headwinds, Xiaomi has maintained its business resilience,” the handset maker said in a statement. “This is supported by the continued execution of corporate strategies, the strengthening of the core “Smartphone x AIoT” strategy, the steady development of business operations, and the optimization of its monetisation capabilities.” In turn, the electronics industry has suffered greatly. According to sources, the smartphone shipments fell 11% in China and 9% globally in the third quarter. Xiaomi revenue, which accounts for around 60% of overall Xiaomi sales, decreased 11.1% year on year. Xiaomi saw a sales increase in 2021 after capturing market share from competitor Huawei Technologies Co Ltd (HWT.UL), whose ability to acquire components has been hampered by US sanctions. However, the boost was fleeting. Xiaomi revealed its first quarterly revenue loss since its initial public offering in 2018. Revenue for the second quarter plummeted 20% year on year in August.
