Asian tech Press (May 20) -- Chinese smartphone maker Xiaomi Corp (1810.HK) on Thursday reported its first revenue decline since its 2018 IPO in Hong Kong.

According to its latest earnings results, Xiaomi reported revenue of 73.352 billion yuan in the first quarter of 2022, down 4.6% year-on-year, and adjusted net profit of 2.859 billion yuan, down 52.9% year-on-year.

This is the first time since its Hong Kong listing in 2018 that Xiaomi has recorded a year-over-year decline in overall revenue. Even in the first quarter of 2020, the quarter with the worst impact of COVID-19, Xiaomi achieved revenue growth of 13.6%.

The main aspect dragging down overall revenue was Xiaomi's smartphone business, with the business revenue of 45.8 billion yuan in the quarter, down 11% from 51.5 billion yuan in the same quarter last year.

Xiaomi shipped 38.5 million smartphones worldwide in the first quarter of 2022, down 22.1% year-over-year, following shipments of 49.4 million units in the same period a year earlier.

As Xiaomi reported its first revenue decline, news of layoffs came out of the Chinese smartphone maker. An HR who had worked at Xiaomi for a year lost his job.