Chinese smartphone manufacturer Xiaomi cuts 15% of its workforce

Chinese Smartphone Maker Xiaomi Corp , has begun to reduce its personnel by 15% in a number of its manufacturing plants. Xiaomi employed 35,314 people as of September 30, with over 32,000 of those working in mainland China. Thousands of employees, many of whom joined the company during a hiring boom that started in December of last year, will be impacted by the change.

Xiaomi to slash 15% of jobs

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Xiaomi reported a 9.7% decline in third quarter revenue in November, blaming COVID-19 restrictions in China and waning consumer demand. Revenues of smartphones, which account for about 60% of the company's overall sales, decreased by 11% from one year to the next.

Restrictions under COVID-19 and poor consumer demand has led to 9.7% decline in revenue

Affected workers have inundated the social media platforms Weibo, Xiaohongshu, and Maimai with posts about the layoffs and job losses in various units of its smart phone and internet services.

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