Xiaomi’s revenue fell 20 percent in the second quarter of 2022 | ICT Business | TechBuzz

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Xiaomi’s revenue fell 20 percent in the second quarter of 2022


Photo: DepositPhotos
During the second quarter of this year, Xiaomi recorded revenue of RMB 70.2 billion ($10.31 billion), a 20 percent decline compared to the same period last year. Adjusted net profit fell 67 percent to RMB 2.1 billion, which included RMB 611 million in costs related to smart electric vehicles and other new initiatives.

“There has been a resurgence of the pandemic in the Chinese market, and as a result, demand has been difficult and weak,” Xiaomi president Wang Xiang said. He added that rising fuel prices, raw material costs and inflation also affected overseas sales. Net profit fell as a result of pressure to clear inventory through sales and promotions.

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Xiaomi’s smartphone revenue reached RMB 42.3 billion with global smartphone shipments of 39.1 million units, up 1.5 percent quarter-on-quarter. According to Canalys, Xiaomi’s global smartphone shipments ranked No. 3 in the second quarter with a market share of 13.8 percent, and its market share has increased for two consecutive quarters.

The company’s international brand strength continues to strengthen as it progressively expands its operations in global markets. In the second quarter of 2022, Xiaomi’s revenue from overseas markets reached RMB 34 billion, accounting for 48.4 percent of total revenue.



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