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5/19, 11:56 AM (Source: TeleTrader)
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Xiaomi sees operating loss in Q1 as net profit halves

Xiaomi Corp. said on Thursday its first-quarter adjusted net profit saw an annual drop of as much as 52.9% to $422.7 million, with a 36.1% decline compared to the last trimester of 2021. The tech giant's revenue yearly fell 4.6% to $10.85 billion, with an operating loss of $134.77 million.

"Despite the impact of the continued supply shortage of key components, the resurgence of COVID-19, and global macroeconomic headwinds, we continued to advance our business strategies while strengthening our foundation," the report noted.

Xiaomi's stocks lost nearly 5% at the closing bell in Hong Kong, and have plunged more than 41% since the start of the year.

Baha Breaking News (BBN) / ND