Xiaomi Q1 Net Income Tumbles 57% to 4.72 Billion Yuan as Memory Prices Bite

1 articles · Updated · Bloomberg · May 26

4.72 billion yuan in first-quarter net income marked a 57% plunge for Xiaomi, a steeper drop than analysts’ expected 52% decline.
Sharp increases in memory prices hit Xiaomi’s smartphone business, driving the earnings miss during a global memory crunch.
99 billion yuan in revenue was down 11% from a year earlier, the company’s first quarterly sales decline in nearly three years.
The profit slump was also twice as severe as the drop in the fourth quarter of last year, showing pressure on Xiaomi has intensified.

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