SHANGHAI (Reuters) – Chinese smartphone maker Xiaomi Corp posted a 20% drop in second quarter revenue on Friday, as the world’s biggest smartphone market shrank, hit by strict COVID restrictions.
Xiaomi reported 70.17 billion yuan ($10.31 billion) in revenue for the quarter ended on June 30, down from 87.8 billion a year earlier but slightly below the 70.59 billion expected by analysts.
($1 = 6.8058 Chinese yuan renminbi)
(Reporting by Josh Horwitz; editing by Jason Neely)
