Chinese smartphone maker Xiaomi’s Q1 revenue decreased by 73.4 billion yuan (US$11 billion), down 4.6 percent. Adjusted net profit reached 2.9 billion yuan, down 52.9 percent, including 425 million yuan of expenses related to EVs and other innovative businesses.

The smartphone business made 45.8 billion yuan, down 11.1 percent. Xiaomi shipped 38.5 million units globally, ranking third with a market share of 12.6 percent. Supply of core components, Covid and the global economy, in general, were blamed for Xiaomi’s poor performance.