In a big surprise for Xiaomi due to lack of demand for smartphones, revenue fell by more than 18 percent

Chinese consumer electronics company Xiaomi’s revenue fell 18.9 percent in the first quarter. Weak demand for smartphones has had a major impact on the company’s earnings. The company’s sales in the first quarter stood at CNY 59.5 billion (about Rs 4,91,900 crore). This is up from CNY 73.35 billion (about Rs 6,06,400 crore) in the … Read more

ED ban on Xiaomi’s $670 million assets continues, Karnataka High Court shocks company

The Karnataka High Court upheld the Enforcement Directorate’s (ED) freeze on assets worth over $670 million of Chinese smartphone maker Xiaomi. The company challenged the asset freeze in court. The ED had frozen the company’s assets last year. The ED said that Xiaomi sent money to foreign companies illegally to pay royalties. However, Xiaomi denied … Read more