Chinese manufacturer of mobile phones and other electronic devices Xiaomi plans to lay off 10% of its workforce, which is equivalent to about 3,500 employeesas reported by several local media, citing a company spokesperson.
According to the company, the decision is an “organizational alignment and a staff optimization” which will affect “less than 10% of the workforce”. Xiaomi has highlighted that those affected by the layoffs have been covered by the compensation established by the local legislation of each country.
The Chinese firm registered losses of 1,476 million yuan (201 million euros) in the third quarter of 2022, compared to the attributable net profit of 792 million yuan (108 million euros) recorded in the same period of 2021. On the other hand, the manufacturer’s revenue between July and September reached 70,474 million yuan ( 9,596 million euros), 9.7% less than a year earlier.