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Xiaomi Layoff: Smartphone giant Xiaomi has fired more than 900 people, know the reason

Xiaomi Layoff: Chinese smartphone giant Xiaomi has cut more than 900 jobs amid the current economic slowdown, as its revenue fell by nearly 20 per cent in the June quarter (Q2). According to the South China Morning Post, the layoffs affected about 3 percent of Xiaomi’s workforce.

condition of company employees
As of June 30, 2022, the company had 32,869 full-time employees, of whom 30,110 were based in mainland China, the rest primarily based in India and Indonesia. The company had 14,700 employees in its R&D area during the same time frame.

What Xiaomi President Wang Jiang said
During a call with analysts after presenting the quarterly earnings report, Xiaomi President Wang Jiang said, “This quarter, our industry faced several challenges, including rising global inflation, volatility in foreign exchange ( and) the complex political environment.” “These challenges significantly affected overall market demand and our financial results for the period,” Jiang said.

The company’s revenue from the smartphone segment fell by 28.5 percent
Revenue from the smartphone segment fell 28.5 percent, to 42.3 billion yuan this year from 59.1 billion yuan in the second quarter of last year ‘primarily due to a decrease in our smartphone sales’. “In the second quarter of 2022, global macroeconomic unrest and the resurgence of COVID-19 continued to impact the overall market demand for smartphones,” Xiaomi said.

Global smartphone industry shipments down 8.9% year-on-year
According to Canalys, global smartphone industry shipments declined 8.9 percent year-on-year and 7.7 percent quarter-on-quarter, and mainland China industry shipments declined 10.1 percent year-on-year and 10.9 percent.

Chinese group Tescent fired 5500 employees
Earlier, Chinese conglomerate Tencent laid off 5,500 employees after posting revenue of $19.8 billion in the June quarter, the first drop since going public. Many big tech companies, unicorns and startups have laid off employees amid the global macro-economic conditions.

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