China's Xiaomi Q1 profit sinks 43% on higher memory chip costs - The Economic Times

Xiaomi's first-quarter net profit saw a significant 43% drop. High memory chip costs pressured its smartphone sales. The company is investing heavily in electric vehicles and AI for new growth. Its EV business revenue increased but operations related to new initiatives incurred losses. Smartphone shipments declined, impacting revenue and margins. The market outlook remains weak.

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