Xiaomi reported a fall in adjusted net profit for the fourth consecutive quarter on August 19, with the company posting figures of RMB 2.1 billion ($310 million) for the second quarter of 2022, according to Caixin. That represents a drop of 67.1% compared to the same quarter last year. Xiaomi’s net profit and revenue both missed Bloomberg’s average estimates. Net income decreased 83% to RMB 1.4 billion, versus estimates of RMB 1.5 billion. Revenue saw a relatively minor 20.1% fall to RMB 70.2 billion in the second quarter, missing estimates of RMB 70 billion. Revenue from smartphones, Xiaomi’s primary business sector and the one responsible for more than 60% of its overall revenue, decreased 28.5% to RMB 42.3 billion compared to the second quarter of 2021. The firm attributed the fall to “the decrease in our smartphone shipments.” Revenue from IoT and lifestyle products had a lower decrease of 4.5%, from RMB 20.7 billion in the second quarter of 2021 to RMB 19.8 billion in the second quarter of 2022. “Faced with macroeconomic uncertainties and challenges, what we can do is firmly execute our core business fundamentals to strengthen our capabilities and to invest in technological innovation and self-improvement,” said Wang Xiang, partner, and president of Xiaomi. He also mentioned that the firm would keep investing in high-end smartphones after its release of the premium Xiaomi 12S series. [Xiaomi]