Xiaomi had 35,314 staff as of Sept. 30, the paper reported, with over 32,000 in mainland China, and the latest move could affect thousands of workers, many of whom have just joined the company during a hiring spree that began in December last year.

Xiaomi in November reported a 9.7% fall in third-quarter revenue, hit by China’s COVID-19 restrictions and softening consumer demand. Revenue from smartphones, which make up roughly 60% of its total sales, fell 11% year-on-year, Xiaomi said.