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Xiaomi Raised Phone Prices 26%. Its Phone Margin Fell to 8.5% Anyway.
Xiaomi's June quarter brought RMB108.9B of revenue, down 6.1%, and a smartphone gross margin of 8.5% — the memory-price squeeze arriving in full. The electric-vehicle business grew deliveries 28% into a market that shrank 22%, and still lost RMB2.6B. Reported profit fell 20%; adjusted profit fell 43%.
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