Xiaomi reports Q1 revenue down 11% YoY to ~$14.6B, its first quarterly decline in three years, and net income down 57% to $695M amid a global memory price jump (Bloomberg)

Bloomberg: Xiaomi reports Q1 revenue down 11% YoY to ~$14.6B, its first quarterly decline in three years, and net income down 57% to $695M amid a global memory price jump — Xiaomi Corp.'s quarterly profit tanked more than anticipated after sharp increases in memory prices exacted a heavy toll on the Chinese firm's smartphone business.