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Chinese Smartphone Maker Xiaomi’s Revenue and Profit Slides

This photograph shows the Xiaomi logo at the Mobile World Congress (MWC), the telecom industry's biggest annual gathering, in Barcelona on February 27, 2023. (AFP)
This photograph shows the Xiaomi logo at the Mobile World Congress (MWC), the telecom industry's biggest annual gathering, in Barcelona on February 27, 2023. (AFP)
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Chinese Smartphone Maker Xiaomi’s Revenue and Profit Slides

This photograph shows the Xiaomi logo at the Mobile World Congress (MWC), the telecom industry's biggest annual gathering, in Barcelona on February 27, 2023. (AFP)
This photograph shows the Xiaomi logo at the Mobile World Congress (MWC), the telecom industry's biggest annual gathering, in Barcelona on February 27, 2023. (AFP)

Chinese smartphone maker Xiaomi Corp on Friday reported a record drop in fourth-quarter revenue as the company weathered a slowdown in consumption and disruptions due to China's COVID-19 curbs.

Sales in the fourth quarter of 2022 reached 66.05 billion yuan ($9.6 billion), down 22.8% from 85.58 billion yuan a year earlier.

The numbers were slightly ahead of analyst expectations, but they mark the fourth consecutive revenue drop for the company, and its steepest on record yet.

Net income fell to 1.46 billion over the period, down 67.3% from 4.473 billion yuan a year earlier.

The company's revenue for 2022 was 280.04 billion yuan, a drop of 14.7%, while net income came in at 8.52 billion yuan, down 61.4%. Both figures fell short of analyst expectations.

Overall consumption in China dragged on most product categories in the fourth quarter, as the abrupt lifting of strict COVID-19 curbs led to a rapid spread in infections across the country.

All major smartphone brands experienced a sales slump in China over the period, based on research firm Canalys. Xiaomi, however, took the largest hit with shipments dropping 37% year on year, the Canalys data showed.

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OpenAI Finds More Chinese Groups Using ChatGPT for Malicious Purposes

FILE PHOTO: OpenAI logo is seen in this illustration taken February 8, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: OpenAI logo is seen in this illustration taken February 8, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
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OpenAI Finds More Chinese Groups Using ChatGPT for Malicious Purposes

FILE PHOTO: OpenAI logo is seen in this illustration taken February 8, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: OpenAI logo is seen in this illustration taken February 8, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

OpenAI is seeing an increasing number of Chinese groups using its artificial intelligence technology for covert operations, which the ChatGPT maker described in a report released Thursday.

While the scope and tactics employed by these groups have expanded, the operations detected were generally small in scale and targeted limited audiences, the San Francisco-based startup said, according to Reuters.

Since ChatGPT burst onto the scene in late 2022, there have been concerns about the potential consequences of generative AI technology, which can quickly and easily produce human-like text, imagery and audio.

OpenAI regularly releases reports on malicious activity it detects on its platform, such as creating and debugging malware, or generating fake content for websites and social media platforms.

In one example, OpenAI banned ChatGPT accounts that generated social media posts on political and geopolitical topics relevant to China, including criticism of a Taiwan-centric video game, false accusations against a Pakistani activist, and content related to the closure of USAID.

Some content also criticized US President Donald Trump's sweeping tariffs, generating X posts, such as "Tariffs make imported goods outrageously expensive, yet the government splurges on overseas aid. Who's supposed to keep eating?".

In another example, China-linked threat actors used AI to support various phases of their cyber operations, including open-source research, script modification, troubleshooting system configurations, and development of tools for password brute forcing and social media automation.

A third example OpenAI found was a China-origin influence operation that generated polarized social media content supporting both sides of divisive topics within US political discourse, including text and AI-generated profile images.

China's foreign ministry did not immediately respond to a Reuters request for comment on OpenAI's findings.

OpenAI has cemented its position as one of the world's most valuable private companies after announcing a $40 billion funding round valuing the company at $300 billion.