SHANGHAI (Reuters) – Xiaomi Corp reported a 18.9% drop in quarterly revenue on Wednesday as consumer demand for smartphones remained weak even as the economy recovered from the COVID-19 pandemic.
Sales in the first quarter of 2023 reached 59.5 billion yuan, down from 73.35 billion yuan in the same quarter a year earlier, roughly in line with analyst estimates of 59.43 billion yuan.
Net income rose to 3.23 billion over the period, an increase of 13.1 % from 2.86 billion yuan a year earlier.
($1 = 6.9121 Chinese yuan renminbi)
(Reporting by Josh Horwitz, Editing by Louise Heavens)
