Xiaomi laid off 900 employees after revenue dropped – Report Explains!!! In recent times, most of the IT and other companies have been indulging in hiring and firing employees, due to the falls in revenue. And now, one of the biggest Chinese smartphone maker Xiaomi has laid off more than 900 employees, a report said.
According to the report by the South China Morning Post, Xiaomi has fired 3 percent of its total employees amid the economic and revenue low down. One of the leading smartphone maker in the world market ‘Xiaomi’ has affected during the covid period. Especially Xiaomi fells 20% of it’s sales and it became 70.17 billion yuan. Moreover, it’s net income fell 67% to 2.08 billion, analysts estimates.
Besides rising fuel prices, input costs and inflation affected the production, said Xiaomi president Wang Xiang. On considering this massive fall, Xiaomi pushed to fire and lay off it’s employees across the country. Meanwhile, China’s smartphone sector also has been hit by the covid restrictions , research firm Canalys said.
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