Η Xiaomi has literally bombarded the western market in recent years, with all kinds of products, such as: Smartphones, fitness bracelets (Smart Bands), headphones, electric scooters, air filters, and much, much more. In this way, the company managed to win many customers both in its homeland and on the global market (and in Europe), offering a particularly wide and cheap range of products, but at the same time of high quality, which made its sales jump to unprecedented numbers.
But all this in recent months has taken a very bad turn, and Xiaomi is experiencing one of the most significant revenue losses in its history, which forces it to hastily proceed to a significant setback. According to a report by South China Morning Post , Xiaomi had to lay off about 900 of its employees during the last three months, a figure representing approx 3% of its total workforce.
The main reason for these tough measures with the reduction of staff is an impact from the financial problems that Xiaomi has to face, because in the second quarter of the year the company made turnover at about 70,2 billion yuan, which are equivalent to approx 10,3 billion, recording a drop at least 20% compared to the same period last year.
The problems in the world economy
The main reason for the financial problems faced by the company is the crisis plaguing the world economy, which mainly stems from the turmoil caused internationally by the Ukraine's war with Russia, but also from the new outbreaks of the pandemic of Cvid-19 which once again afflicted China in recent months.
The bad numbers that Xiaomi made from the sales of Smartphones are mainly responsible for the greatly reduced revenues that Xiaomi had in the last quarters, as the data published by the company itself, show sales down by more than a quarter. However, Xiaomi is not the only Chinese company facing problems: the gaming and social media giant Tencent, recently had to lay off 5.000 employees, or 5% of its workforce.
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