Business

Xiaomi Profit Misses Estimates As Smartphone Business Turns Dire

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Inflation, recession fears and the Ukraine war have squeezed Xiaomi’s smartphone business. Its global device shipments tumbled by more than a fourth in the second quarter, the heaviest decline among the world’s top five vendors, IDC said. In China, shipments of Xiaomi devices plunged 22% in the June quarter, faster than the average market decline of 14.7%, according to research firm IDC.



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