Xiaomi Q1 revenue falls 18.9%, net income up 13.1%

People check new products of Xiaomi ahead of the 2023 Mobile World Congress in Barcelona, Spain February 26, 2023. REUTERS/Nacho Doce

SHANGHAI (Reuters) - Xiaomi Corp reported a 18.9% drop in quarterly revenue on Wednesday as consumer demand for smartphones remained weak even as the economy recovered from the COVID-19 pandemic.

Sales in the first quarter of 2023 reached 59.5 billion yuan, down from 73.35 billion yuan in the same quarter a year earlier, roughly in line with analyst estimates of 59.43 billion yuan.