<p>Chinese smartphone maker Xiaomi Corp on Wednesday reported a 9.7 per cent fall in third-quarter revenue, hit by China's Covid-19 restrictions and softening consumer demand.</p>.<p>Sales in the third quarter reached 70.17 billion yuan ($9.81 billion), down from 78.063 billion yuan the same quarter a year ago, slightly missing analyst expectations of 70.52 billion yuan.</p>.<p>Net income fell 59.1 per cent to 2.12 billion over the period from 5.176 billion yuan one year ago.</p>.<p>China's consumer consumption has remained weak as cities across the country continue to implement lockdowns to prevent the spread of the Omicron variant.</p>.<p>The electronics sector has taken a large hit in turn. Shipments of smartphones in the third quarter fell 11 per cent in China and 9 per cent globally, research firm Canalys has said.</p>.<p>Revenue from smartphones, which make up roughly 60 per cent of Xiaomi's total sales, fell 11.1 per cent year-on-year.</p>.<p>In 2021, Xiaomi saw a sales surge after it grabbed market share from rival Huawei Technologies Co Ltd, whose ability to procure components has been hit by US sanctions.</p>.<p>Yet the boost was short-lived. In May, Xiaomi reported its first-ever quarterly revenue decline since its listing in 2018. In August, revenue for the second quarter fell 20 per cent year-on-year.</p>.<p>Xiaomi's stock price has tumbled nearly 50 per cent since the beginning of the year.</p>.<p>The company has in turn looked to new areas for growth. Last year, it formally announced a foray into electric vehicles, committing to entering mass production in the first half of 2024. ($1 = 7.1545 Chinese yuan renminbi)</p>
<p>Chinese smartphone maker Xiaomi Corp on Wednesday reported a 9.7 per cent fall in third-quarter revenue, hit by China's Covid-19 restrictions and softening consumer demand.</p>.<p>Sales in the third quarter reached 70.17 billion yuan ($9.81 billion), down from 78.063 billion yuan the same quarter a year ago, slightly missing analyst expectations of 70.52 billion yuan.</p>.<p>Net income fell 59.1 per cent to 2.12 billion over the period from 5.176 billion yuan one year ago.</p>.<p>China's consumer consumption has remained weak as cities across the country continue to implement lockdowns to prevent the spread of the Omicron variant.</p>.<p>The electronics sector has taken a large hit in turn. Shipments of smartphones in the third quarter fell 11 per cent in China and 9 per cent globally, research firm Canalys has said.</p>.<p>Revenue from smartphones, which make up roughly 60 per cent of Xiaomi's total sales, fell 11.1 per cent year-on-year.</p>.<p>In 2021, Xiaomi saw a sales surge after it grabbed market share from rival Huawei Technologies Co Ltd, whose ability to procure components has been hit by US sanctions.</p>.<p>Yet the boost was short-lived. In May, Xiaomi reported its first-ever quarterly revenue decline since its listing in 2018. In August, revenue for the second quarter fell 20 per cent year-on-year.</p>.<p>Xiaomi's stock price has tumbled nearly 50 per cent since the beginning of the year.</p>.<p>The company has in turn looked to new areas for growth. Last year, it formally announced a foray into electric vehicles, committing to entering mass production in the first half of 2024. ($1 = 7.1545 Chinese yuan renminbi)</p>