Smartphone king Xiaomi's profits drop 43% on memory crunch, weak demand

TechnologyHandset margins shrink while EV ambitions deepen capital strainXiaomi's management attributed the weak results to softening demand for gadgets, rising memory chip prices and stiffer competition from EV rivals. © ReutersGLORIA LIAugust 18, 2026 19:05 JSTHONG KONG -- Xiaomi saw its net quarterly income nearly halved, as China's biggest smartphone maker endured a double blow from rising component costs and flagging demand.