Xiaomi sales fell 20% last quarter

Xiaomi company reported on the results of the second quarter and reported a sharp drop in revenue. Xiaomi's sales

last quarter fell 20%, the companyattributes this to strict restrictions due to covid in China, which led to a reduction in domestic consumption and limited production capacity. In total, the company sold 70.2 billion yuan ($10.3 billion) in the quarter. Xiaomi's net profit fell by 67% to 2 billion yuan. Restrictions in China weighed on results domestically, while inflation and rising commodity and logistics prices weighed heavily on sales outside of China. Earlier, the research company Canalys reported that in the second quarter, the Chinese smartphone market decreased by 10% in annual terms. Xiaomi earns more than half of its revenue from smartphone sales, which fell by 29% in the quarter. Xiaomi's results were also negatively impacted by tax pressure from India, which is Xiaomi's biggest market outside of China.