Chinese smartphone maker Xiaomi cuts over 900 jobs, nearly 3 per cent of its workforce, as revenues shrink 20 per cent

• In the June quarter, net income fell 83.5 per cent to 1.4 billion yuan, compared with a profit of 8.3 billion yuan the same period last year
• Smartphone shipments decreased 26.2 per cent, primarily due to global macroeconomic headwinds and the resurgence of Covid-19 in China