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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.

Revenue in the quarter ending March 31 dropped to 73.35 billion yuan ($10.9 billion) from 76.88 billion a year earlier and fell short of the 74.3 billion expected by analysts, Refinitiv data showed.

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