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SHANGHAI: China's Xiaomi Corp<\/a> posted a steep drop in second quarter revenue on Friday as the world's biggest smartphone market shrank, hit by strict COVID restrictions.
Sales fell 20% year on year to 70.17 billion yuan ($10.31 billion), missing estimates and marking a steeper decline from the previous quarter when the company posted its first revenue drop since listing.
Net income fell 67% to 2.08 billion yuan, also missing analysts' estimates.
\"In the Chinese market, there was the resurgence of the pandemic, so as a result, demand was difficult and weak,\" said Xiaomi<\/a> president Wang Xiang on an earnings call.
Wang added that rising fuel prices, input costs, and inflation affected overseas sales as well. Net profit fell as a result of pressure to clear inventory via sales and promotions.
China's consumer consumption has struggled to rebound from the impact of lockdowns in Shanghai and other cities in the first half of the year.
Data this week showed the world's second largest economy slowed unexpectedly in July as it struggled to shake off the June quarter's hit to growth from COVID restrictions, prompting a central bank rate cut.
China's long-stagnant smartphone sector has been especially hit by the downturn, with unit shipments down 10% year on year in the second quarter, according to research firm Canalys<\/a>.
Xiaomi's smartphone sales, which generate more than half of the company's total revenue, fell 29%.
In 2021, Xiaomi saw a sales surge after it grabbed market share from rival Huawei Technologies Co Ltd<\/a>, whose ability to procure components was crippled by U.S. sanctions.
Yet the bump was short-lived, and the company's stock price has tumbled nearly 40% since the start of 2022, hit by the slowing Chinese economy and weakening overseas growth.
In India, Xiaomi's strongest market outside of China, the company has been subject to government probes for allegedly dodging tax regulators.
Indian tax authorities in April seized $725 million in assets from the company, claiming it illegally transferred funds abroad under the guise of royalty payments. Xiaomi has denied any wrongdoing.
The weak smartphone market in China and globally has led the company to seek new opportunities and it said earlier this month it had started testing self-driving vehicles in select cities in China.
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小米职位收入下降20%,受中国COVID限制
销售同比下降20%,至人民币701.7亿元(合103.1亿美元),失踪的估计和标记的下降幅度较前一季度公司公布其上市以来首次收入下降。
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上海:中国小米公司周五公布的第二季度收入急剧下降,成为世界最大的智能手机市场萎缩,COVID受到严格限制。
销售同比下降20%,至人民币701.7亿元(合103.1亿美元),失踪的估计和标记的下降幅度较前一季度公司公布其上市以来首次收入下降。
净收益下降67%至20.8亿元,也缺少分析师预期。
“在中国市场,有死灰复燃的大流行,所以,需求是困难和软弱,”说小米总裁王翔财报电话会议。
王补充说,油价上涨,投入成本,通货膨胀影响海外销售。净利润下滑的压力清除库存通过销售和促销活动。
中国消费者消费的影响一直难以走出锁定在上海和其他城市在今年上半年。
本周数据显示全球第二大经济放缓出人意料地奋力摆脱7月6月季度的增长从COVID限制,促使央行降息。
中国百感交集的智能手机行业尤其受到经济衰退,与出货量第二季度同比下降了10%,据研究公司Canalys。
小米智能手机销量,公司总收入的一半以上,下降了29%。
2021年,小米看到一个销量猛增后,抓住市场份额的竞争对手华为技术有限公司采购组件,其能力深受美国的制裁。
bump是短暂的,公司的股价自2022年初以来下跌近40%,受中国经济放缓和削弱海外增长。
在印度,小米最强大的中国以外的市场,该公司一直受到政府调查涉嫌逃避税收监管机构。
印度4月税务机关查封了7.25亿美元资产的公司,称其非法转让海外基金的幌子下版税。小米否认有任何不当行为。
弱者在中国智能手机市场,在全球范围内导致公司寻求新的机遇和本月早些时候表示,已开始在中国选择城市测试无人驾驶车辆。
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