Quick Summary AI Powered SHANGHAI: Chinese smartphone maker Xiaomi Corp posted a steep drop in second-quarter revenue on Friday (Aug 19) as the world's biggest smartphone market shrank, hit by strict COVID-19 restrictions. Sales fell 20 per cent year on year to 70.17 billion yuan (US$10. China's consumer consumption has struggled to rebound from the impact of lockdowns in Shanghai and other cities in the first half of the year.