The price of smartphones has risen.

The Chinese Morning Post reports that the Chinese publication South China, citing the local press, announced that Xiaomi will plan on cutting up to 15% of its staff due to the slow demand for smartphone and other electronic devices. The company’s revenue slipped from 9,7 percent to 5,11% in the third quarter. In the first half of the year, sales volume of all smartphones in the Chinese market went up by 11 %.

Source of image: Xiaomi

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In August, Xiaomi had 35,314 employees, of which more than 32,2 000 workers based in mainland China. According to reports, the company’s employees who were involved in the design and production of smartphones have already begun to notice reductions in the amount of their dues. The company may lose several thousand employees, and this isn’t the first wave of layoffs in the past year.