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Xiaomi widening assault china tech

Xiaomi widening assault china tech:

Dec. 20 (Reuters): China’s Xiaomi Corp. (1810. HK) has started laying off workers in its smartphone and internet services businesses. It is the latest tech company in China to do this as the country fights COVID-19 outbreaks.

On Tuesday, a company representative said that the company’s “personnel optimization and organizational streamlining” practice would affect “less than 10% of the total workforce” and that those who were affected had been paid according to local laws.

Xiaomi widening assault china tech
Xiaomi widening assault china tech:

This week, there have been a lot of posts about the job cuts on social media sites in China like Weibo, Xiaohongshu, and Maimai. Local Chinese media said for the first time on Monday, based on unnamed sources, that 15% of Xiaomi’s employees would lose their jobs.

Tencent Holdings (0700. HK) and Alibaba Group are just two of the big tech companies in China that have been letting people go in recent months. This is because China has been fighting COVID-19 outbreaks for a long time.

The South China Morning Post says that Xiaomi had 35,314 employees as of September 30, with more than 32,000 in mainland China. The latest move could affect thousands of employees, many of whom just joined the company during a hiring spree that started in December.

China’s COVID- 19 rules and a drop in consumer demand hurt Xiaomi’s sales in the third quarter, which ended in November. Xiaomi said that its sales of smartphones, which make up about 60% of its total sales, fell 11% from one year to the next.


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