Chinese smartphone giant Xiaomi has cut more than 900 jobs amid the ongoing economic meltdown as its revenues dropped nearly 20 percent in the June quarter. It is reported that the layoffs affected nearly 3 percent of Xiaomi’s workforce.
In the June quarter, the industry has faced many challenges, including rising global inflation, foreign exchange fluctuations and complex political environment, significantly impacting the overall market demand and Xiaomi’s financial results for the period.
As of June 30, 2022, the company had 32,869 full-time employees, of which 30,110 were based in mainland China, primarily at its headquarters in Beijing, with the rest primarily based in India and Indonesia. The company had 14,700 employees in its R&D vertical in the same time-frame.
Recently, Chinese conglomerate Tencent fired 5,500 employees, after posting a revenue of $19.8 billion in the June quarter, down 3 percent which is the first decline since going public.
Global smartphone industry shipments declined 8.9 percent year-over-year and 7.7 percent quarter-over-quarter, and mainland China industry shipments declined 10.1 percent year-over-year and 10.9 percent quarter-over-quarter.
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