China’s Xiaomi Q1 profit sinks 43% on higher memory chip costs

China’s Xiaomi Corp posted a 43% slump in first-quarter net profit on Tuesday, as its smartphone business was pressured by high memory chip costs.

The Chinese smartphone and electric-vehicle maker reported 6.1 billion yuan ($899 million) adjusted net profit for the January-March period.

That compared with the average analyst estimate of 6.4 billion yuan, according to LSEG data.