Almost all tech firms are laying off their employees to deal with current problems. It couldnāt bypass Xiaomi and other China-based first-tier brands. Xiaomi has fired a lot of employees. Now, the new round of layoffs is in process. Though there is still no info on which part of the stuff will be affected, it shouldnāt be less than 15%.
Xiaomi Layoffs Don’t Stop
As various sources said, the rate of Xiaomi layoffs varies from department to department. For instance, layoffs in China are up to 75%, and the IoT department also has a layoff of 40%.
In this regard, a Xiaomi executive said, āCost reduction and increased productivity will reduce costs.ā He also outlined his roadmap as “the principle of continuing to work on reducing costs and reducing them in order to maintain their overall performance next year.ā
Gizchina News of the week
Some Xiaomi insiders revealed that there were layoffs at the year’s end. Xiaomi followed all legal and compliance processes. The compensation policy is indeed N+2. Plus, there is still a double amount of statutory annual leave that has not been taken. It turns out the number of layoffs reported by the media is wrong. In fact, it is far from such a large scale. Xiaomi knows where from the misinformation comes and will file a lawsuit soon.
This might sound odd to many readers. We mean Xiaomiās latest report showed the firm had reached new heights. Although its way wasn’t smooth. For instance, in the third quarter of this year, Xiaomi Groupās smartphone business revenue was 42.514 billion yuan ($6.1 billion), a year-on-year decrease of 11.1%. Xiaomi’s total revenue for the quarter was 70.474 billion yuan ($10.12 billion), a year-on-year decrease of 9.7%; adjusted net profit was 2.117 billion yuan ($0.3 billion), a year-on-year decrease of 59.1%. The report shows that as of September 30 this year, Xiaomi Group had a total of 35,314 full-time employees. Among them, 32,609 are from China.
