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.



LinkedIn CEO to Take over Office, More AI Duties in Microsoft Executive Shuffle

A keyboard is placed in front of a displayed LinkedIn logo in this illustration taken February 21, 2023. (Reuters)
A keyboard is placed in front of a displayed LinkedIn logo in this illustration taken February 21, 2023. (Reuters)
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LinkedIn CEO to Take over Office, More AI Duties in Microsoft Executive Shuffle

A keyboard is placed in front of a displayed LinkedIn logo in this illustration taken February 21, 2023. (Reuters)
A keyboard is placed in front of a displayed LinkedIn logo in this illustration taken February 21, 2023. (Reuters)

The CEO of LinkedIn will take additional responsibility for Microsoft's Office products, while an executive responsible for one of the company's leading business-to-business artificial intelligence products will start reporting to head of the company's Windows unit, according to a memo from Microsoft CEO Satya Nadella viewed by Reuters.

Ryan Roslansky, who oversees the business-focused social network owned by Microsoft, will remain CEO of LinkedIn but also oversee products such as Word and Excel and also "Copilot," Microsoft's leading AI product, within the company's productivity software suite, the memo said.

Roslansky will report to Rajesh Jha, who oversees Microsoft Windows and Teams, among other duties. The memo said existing Office leaders Sumit Chauhan and Gaurav Sareen will report to Jha as well.

Also moving to report to Jha will be Charles Lamanna, who leads "Copilot" for business and industrial users, the memo said.