Xiaomi profit drops 27% on weaker smartphone sales as Chinese firm’s EV growth slows

2026-03-24 - 10:33

Xiaomi, the Chinese smartphone and electric vehicle (EV) maker, reported that fourth-quarter net profit dropped 27 per cent from a year earlier, as weaker sales cut into margins. Profit fell to 6.5 billion yuan (US$943 million), a 47 per cent plunge from the previous quarter and the lowest quarterly number in a year. It was also the first quarter-on-quarter decline since the second quarter of 2024. Fourth-quarter revenue rose 7.3 per cent from a year earlier and 3 per cent compared with the...