Xiaomi misses with Q2 revenue of $10.31B, down 20% YoY, and net income of $305M, down 67%; smartphone sales, which generate 50%+ of its revenue, were down 29% (Josh Horwitz/Reuters)

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Josh Horwitz / Reuters:

Xiaomi misses with Q2 revenue of $10.31B, down 20% YoY, and net income of $305M, down 67%; smartphone sales, which generate 50%+ of its revenue, were down 29%  —  China’s Xiaomi Corp (1810.HK) posted a steep drop in second quarter revenue on Friday as the world’s biggest smartphone market shrank, hit by strict COVID restrictions.