Xiaomi, in a recent statement to its stakeholders, in Beijing said that its net profit for the quarter ending in June 2022 fell by 83 per cent from last year’s $200 million or 1.36 billion yuan. Xiaomi is the third largest smartphone brand in the world in terms of shipment of smartphones. According to the statement that they issued in Beijing, revenue declined by 20 per cent to 70.1 billion yuan, on shrinking business both overseas and at home. The drop in earnings has led Hong Kong-traded shares in Xiaomi, led by Chinese billionaire entrepreneur Lei Jun, to lose 52 per cent of their value in the past year. Overall global shipments of smartphones in the first half declined 9% from a year earlier due to weak demand, consultancy Canalys said last month. Samsung and Apple were No. 1 and No. 2 ahead of Xiaomi. Lei, who in 2021 topped Forbes China’s annual ranking of the mainland’s top 50 CEOs, fell off a new 2022 list published on 18 August. Xiaomi, which ranked No. 292 on the F...
