Chinese phone maker Xiaomi begins large-scale layoffs: report

Leading Chinese phone vendor Xiaomi has started a large-scale layoff across multiple departments, including its smartphone and internet units, Chinese media outlet Jiemian reported on Monday, citing information from Xiaomi employees. Some units in the China region had seen as much as 75% of their staff cut, according to the report. The firm’s internet department saw a 40% decline in headcount. The firm offered “N+2” compensation packages to those made redundant, with N standing for the number of years employees had worked at the company. Xiaomi did not respond to TechNode’s request for comment on this issue. Xiaomi posted a 9.7% yearly fall in revenue in the third quarter of this year as phone shipments declined, with its adjusted net profit dropping 59.1% year-on-year during the reported quarter. [Jiemian, in Chinese]