Xiaomi secures a spot on the list of global layoffs, laying 10% of its workforce globally

• ByStartupStory     |    December 21, 2022

Adding to the macroeconomic new normal in the world of global tech companies such as Meta, Amazon, Twitter, Byjus, and others, Xiaomi, India’s top selling smartphone brand, has recently laid off nearly 10% of its workforce. According to reports, the Original Equipment Manufacturer (OEM) had already laid off 3% of its employees globally in August.

This follows a reported 9.7 percent YOY (Year-over-Year) decline in its Q3 2022 revenue. “Xiaomi recently implemented routine personnel optimization and organizational streamlining, with affected parties totaling less than 10% of total workforce,” the Chinese smartphone manufacturer said in a statement. “Those who have been affected have been compensated in accordance with local regulations.

According to the company, the development comes amid reports that Xiaomi is looking to cut close to 15% of its global workforce as macroeconomic pressures hit the company’s bottom line.

The company has not provided any information on how many employees were affected by the layoffs, including those in India. Some Chinese dallies are reporting different figures, claiming that layoffs could reach 15%. Back in India, they disclosed that Xiaomi’s operations in India have become difficult due to a decline in the stock market and an increase in government scrutiny.

However, according to the Chinese manufacturer’s financial report for Q3 2022, the tech giant employed 35,314 people worldwide, with 32,000 of them based in China. In India, the Smartphone Company has been on top for nine years in a row, selling 72 million units of gadgets.

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