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The effect of reduction in revenue! Xiaomi fired 900 employees, know how many Indians were affected

Economic uncertainty has affected every sector. Chinese smartphone brand Xiaomi also seems to be affected by this. It is reported that the company has cut 900 jobs. That is, the company has laid off employees. According to the information, the layoffs have affected about 3 percent of Xiaomi’s employees. As of June 30 this year, Xiaomi had 32,869 full-time employees. Of these, 30,110 employees were in the company’s homeground China and the rest in India and Indonesia. At the same time, the company’s research and development vertical also had 14,700 employees. The company has laid off a total of 900 employees. However, it is not yet known how many Indian workers have been affected by this.

south china morning post According to the company, during the June quarter, the company’s global revenue fell by 20 percent due to the job cuts. Xiaomi reported a sharp decline in second-quarter revenue as the world’s largest smartphone market shrank. It is estimated that this decline has happened in other markets apart from China.

Xiaomi President Wang Jiang said in a call with analysts following the quarterly earnings report that our industry faced a number of challenges this quarter, including rising global inflation, foreign exchange volatility (and) a complex political environment. . These challenges affected our financial results.

It is said that sales of Xiaomi’s smartphones in China fell by 29 percent. More than half of the company’s total revenue comes from China. The company’s smartphone sales fell 20% year-on-year to $10.31 billion. Analysts expect the company’s net income to fall 67 percent to 2.08 billion yuan.

The company is also facing difficulties in India. In April, the ED said it had seized Rs 5,551.27 crore lying in the bank accounts of Xiaomi India. Manu Kumar Jain of the company was also called for questioning. The company is accused of violating the Foreign Exchange Management Act, which is being investigated.

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