[Xiaomi posts 20pct revenue fall, hurt by China COVID curbs]

China’s Xiaomi Corp posted a steep drop in second quarter revenue on Friday as the world’s biggest smartphone market shrank, hit by strict COVID restrictions.

Sales fell 20 percent year-on-year to 70.17 billion yuan ($10.31 billion), missing estimates and marking a steeper decline from the previous quarter when the company posted its first revenue drop since listing.

Xiaomi posts 20pct revenue fall, hurt by China COVID curbs comes via ChinaTechNews.com.