Tuesday, December 20, 2022

Xiaomi layoffs: The Chinese smartphone maker will cut 15% of its workforce

Xiaomi layoffs: China smartphone maker to slash 15% of jobs

 Delhi, India: The South China Morning Post reported on Tuesday that China's Xiaomi Corp. has begun laying off employees in several units of its smartphone and internet services business, reducing its workforce by approximately 15%.

According to the Hong Kong newspaper, China's social media platforms, such as Weibo, Xiaohongshu, and Maimai, have been inundated with posts regarding the job cuts. These posts were cited by affected employees as well as local Chinese media.

Xiaomi had 35,314 staff as of Sept. 30, the paper revealed, with more than 32,000 in central area China, and the furthest down the line move could influence huge number of laborers, a considerable lot of whom have recently joined the organization during an employing binge that started in December last year.

Reuters sent an email for clarification, but the company did not immediately respond.

Xiaomi reported a 9.7% decline in revenue for the third quarter in November as a result of China's Covid-19 restrictions and decreasing consumer demand. Xiaomi reported a 11% decrease in smartphone revenue year over year, which accounts for approximately 60% of total sales.

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