Xiaomi's revenue and profit slides in Q4 due to China's Covid-19 curbs

The company's revenue for 2022 was 280.04 billion yuan, a drop of 14.7%, while net income came in at 8.52 billion yuan, down 61.4%

Chinese smartphone maker Xiaomi Corp on Friday reported a record drop in fourth-quarter revenue as the company weathered a slowdown in consumption and disruptions due to China's Covid-19 curbs.

Sales in the fourth quarter of 2022 reached 66.05 billion yuan ($9.6 billion), down 22.8% from 85.58 billion yuan a year earlier.

The numbers were slightly ahead of analyst expectations, but they mark the fourth consecutive revenue drop for the company, and its steepest on record yet.

Net income fell to 1.46 billion over the period, down 67.3% from 4.473 billion yuan a year earlier.

The company's revenue for 2022 was 280.04 billion yuan, a