Xiaomi cuts over 900 jobs

Chinese smartphone giant Xiaomi has slashed more than 900 jobs amid the ongoing economic meltdown as its revenues dropped nearly 20 per cent in the June quarter (Q2), the media reported on Saturday.According to the South China Morning Post, the layoffs affected nearly 3 per cent of Xiaomi’s workforce.As of June 30, 2022, the company had 32,869 full-time employees, 30,110 of whom were based in mainland China, primarily at its headquarters in Beijing, with the rest primarily based in India and Indonesia.The company had 14,700 employees in its research and development vertical in the same time-frame.”In this quarter, our industry faced many challenges, including rising global inflation, foreign exchange fluctuations (and) complex political environment,” said Xiaomi president Wang Xiang during a call with analysts after reporting its quarterly earnings on Friday. “These challenges significantly impacted overall market demand and our financial results for the period,” said Xiang.