Xiaomi Fires 900+ Employees; Overall, 3500 Employees Can Be Fired To Cut Costs, Optimize Profits

Radhika Kajarekar

Radhika Kajarekar

Dec 21, 2022

Update: Xiaomi has confirmed that 900 employees has been fired, and the new layoffs will impact 10% or 5000 employees. More details here.


Chinese smartphone manufacturer Xiaomi Corp has joined numerous companies that are laying off their employees. 

Xiaomi Fires 900+ Employees; Overall, 3500 Employees Can Be Fired To Cut Costs, Optimize Profits

The company has reduced its headcount by as much as 15%, as confirmed in  the South China Morning Post.

Xiaomi To Fire 15% Of Its Headcount

The South China Morning Post reported on Tuesday that China’s Xiaomi Corp. has begun to lay off employees in a number of its smartphone and internet services business units, reducing its workforce by about 15%.

The Hong Kong newspaper cited social media posts from affected workers and local Chinese media to claim that posts about the layoffs have deluged China’s social media platforms, including Weibo, Xiaohongshu, and Maimai.

As per reports, Xiaomi had 35,314 employees as of September 30 with over 32,000 working in mainland China. The most recent decision could have an impact on thousands of employees, many of whom have only recently joined the company as a result of a hiring spree that started in December last year.

Xiaomi reported a 9.7% decline in third-quarter revenue in November, blaming COVID-19 restrictions in China and waning consumer demand. According to Xiaomi, sales of smartphones, which account for about 60% of its overall sales, decreased 11% from the previous year.

Xiaomi Shuts Down Mi Credit

Xiaomi India has stopped offering Mi Credit, the personal loan marketplace that it operated. Through this it lent customers between Rs 5,000 and Rs 100,000 at comparatively low-interest rates.

However, the app apparently accessed users’ texts and call logs to look for transaction information and other details in order to determine their creditworthiness and get the required loan approved quickly.

It is no longer on the Play Store, and the third-party service APKMirror lists the last update to the app as taking place in July. The company’s financial services overall have been wound down.

Meta, Twitter, Byju’s Firing Trends

As we reported earlier, Meta has fired more than 11,000 employees or 13% of the workforce. This time, cost-cutting is being utilized as a justification.

Other issues the corporation is dealing with include sluggish advertising markets, rising costs, and disappointing results. Since Facebook was established in 2004, these employment losses mark the first significant budget reduction.

Additionally, Twitter has let go of more than 90% of its Indian workforce. Only 20 people still work for Twitter India, which once had over 200 staff. The drastic personnel reduction shocks the entire world, not just the microblogging company’s position in a developing market like India.

Byju’s, a leader in edtech, is also accused of firing over 2,500 workers from all of its group companies.

In order to reduce costs in the face of growing losses, BYJU’s announced in a statement that it plans to fire around 2,500 employees across departments.

In June of this year, news outlets claimed that 2,500 full-time and contract workers from Toppr, WhiteHat Jr., and its core team in the sales and marketing, operations, content, and design teams will be let go by the leading provider of edtech.

Radhika Kajarekar
Radhika Kajarekar
  • 580 Posts

Subscribe Now!

Get latest news and views related to startups, tech and business

You Might Also Like

Sep. 8, 2022

Samsung Launches The Wall All-In-One and Flip Pro: Is This The Future Of Display Technology?

Samsung has launched The Wall All-In-One – the modular MicroLED it says is revolutionizing the future of display and the Flip Pro, which is an interactive display. Both were unveiled at the InfoComm India 2022 which is India’s Professional AudioVisual (Pro AV) and Systems Integration Technology Exhibition. This took place in Mumbai from September 5-7. […]

Jul. 28, 2022

Google Street View Launches In India Across These 10 Indians Cities! Plans To Expand To 700,000 Kms, 50 Cities In 2 Years

Google’s Street View is finally available in India a decade after it was prevented from capturing data for its Street View services. Second coming Street view offers a 360-degree interactive panorama feature initially for 10 Indian cities with data from local partners Tech Mahindra and Mumbai-based Genesis International. Its entry into India is facilitated by […]

Jul. 10, 2022

This Electricity-Free Cooler Developed By IIT Researchers Can Replace Air Conditioners! How It Work?

Indian Institute of Technology Guwahati researchers have built a ‘Radiative Cooler’ which does not require electricity to operate. This is an affordable and efficient ‘passive’ radiative cooling system that can serve as an alternative to ACs. The coating material is an electricity-free cooling system that can be applied in the rooftops and functions during both […]

Jun. 27, 2022

This New Battery Will Enable Electric Cars To Run 1000 Kms In Single Charge! Will This Transform Electric Mobility?

Chinese company Contemporary Amperex Technology Co Ltd (CATL) has developed a battery that gives EVs a driving range of over 1,000 km or 621 miles on a single charge. About the company The company is China’s leading automotive lithium-ion battery maker. Tesla, Volkswagen, BMW, and Nio are among the companies for which CATL supplies batteries. […]

Recent Posts

Related Videos


Subscribe Now!

Get latest news and views related to startups, tech and business

who's online