The year 2021 is the golden year of technology with the demand for devices increasing as many stay at home. With the world opening up post-pandemic, demand is starting to return to pre-pandemic levels and the impact can be seen now. According to a South China Morning Post report, Xiaomi has laid off up to 15% of their workforce today.
Currently Xiaomi has nearly 36,000 employees worldwide. The impact of declining demand for smart devices and the handling of Covid-19 that has not yet been successfully addressed in China forced the company nicknamed the "Apple of China" to lay off thousands of their workers.
Previously we reported Black Shark which is a subsidiary of Xiaomi has thrown away 50% of the workforce because it failed to sell to Tencent. This is the main reason why no new Black Shark devices are announced in H2 2022.
Xiaomi's fortunes changed due to economic factors. With CEO Lei Jun now focusing on the development of their first electric car, it is unknown how much impact it will have on Xiaomi's long-term future.
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BUSINESS & MONEY