Xiaomi starts laying off employees in smartphone, internet services business: Report

Xiaomi reportedly started trimming down its workforce this year due to weaker sales as a result of Covid-19 lockdowns and slower consumer spending. Last month, Xiaomi reported a 9.7% fall in third-quarter (Q3 2022) revenue. Smartphone revenue, which constitutes about 60% of the company's total sales, fell 11% on a year-over-year basis.

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