By Kosaku Narioka
Xiaomi Corp. said Friday that its second-quarter net profit fell 83% from a year earlier due partly to weaker smartphone revenue.
The Chinese electronics maker said net profit fell to 1.39 billion Chinese yuan ($204.8 million) for the quarter ended June 30 from CNY8.27 billion a year earlier.
Xiaomi said revenue dropped 20% from a year earlier to CNY70.17 billion.
Gross profit from its smartphones business fell to CNY3.66 billion from CNY6.99 billion a year earlier, as the segment's revenue dropped to CNY42.27 billion from CNY59.09 billion.
The company said global macroeconomic turbulence and the resurgence of Covid-19 continued to affect market demand for smartphones during the quarter.
Xiaomi said its smartphone shipments rose 1.5% in the second quarter from the previous quarter to 39.1 million units.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
08-19-22 0633ET