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Xiaomi dealt 'heavy blow' in Q1 by COVID, chip shortages

Chinese smartphone maker reports sinking revenue, quarterly loss

A man walks past a Xiaomi logo outside a shop in Mumbai. The Chinese company is under investigation in India over allegations of illegal transfers of funds.   © Reuters

SHENZHEN (Reuters) -- Chinese smartphone maker Xiaomi reported a fall in first-quarter revenue as COVID-19 controls and lockdowns hit demand in China while broader economic headwinds including Russia's invasion of Ukraine added to costs.

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