Xiaomi, one of the world’s largest smartphone makers, has begun layoffs in China at a time when the world’s second largest economy is grappling with an enormous unemployment crisis.
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Xiaomi, which only recently became the world’s second-biggest smartphone maker, fell back to third place behind Apple and leader Samsung in the three months ended September, according to Counterpoint Research and Canalys.
Read MoreXiaomi has surpassed Apple to become the world’s second biggest smartphone maker for the first time ever, according to market research firm Canalys. Samsung remains No. 1. Here are the details.
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