Xiaomi Corp. reported a 10.9% year-over-year decline in first-quarter revenue.
Revenue totaled 99.14 billion yuan ($14.6 billion).
This marks the company's first revenue drop in several years.
Adjusted net profit fell 43.1% to 6.07 billion yuan.
Soaring memory chip prices and intensified competition compressed profit margins.
Core smartphone revenue decreased 12.5%.
Smartphone shipments dropped 19.2%.
Total units shipped reached 33.8 million.
The smart electric vehicle segment recorded revenue growth.
This division reported an operating loss of 3.1 billion yuan for the quarter.