Technology giant Xiaomi has released financial reports for the first quarter of 2023. The company, which lost 19 percent of its revenue due to the problems in the global and Chinese markets, lagged behind its competitors. So how is the situation in the smartphone market? Here are the details
Revenue declines started in Xiaomi
According to shared reports, Xiaomi, which has 594.8 million monthly active users between January and March 2023, has managed to reach the 600 million milestone as of now. However, the stagnation in the consumer market has resulted in a not so heartwarming income statement. Accordingly, the company, which achieved sales of $8.44 billion in the first quarter of 2023, fell behind the $10.4 billion recorded in the same period of last year.
Xiaomi shipped 30.4 million smartphones during this period. The Chinese giant, which managed to increase its profitability rate compared to the downward trend in sales, reported a net profit of $ 458.4 million. It should be noted that this figure is 13 percent higher than the same period last year.
dropped to fourth place
In addition, the Chinese giant states that revenue from smart home appliances such as refrigerators, air conditioners and washing machines increased by 60 percent on an annual basis. Accordingly, the technology giant managed to rank among the top 5 manufacturers with 2.8 million smart TV shipments.
As for the global smartphone market, the brand ranked third with a market share of 11.3%. Top names on the list were Apple and Samsung. In the Chinese market, Xiaomi, which recorded an increase of 22% on a unit basis, fell behind Vivo and fell to the fourth place.
In a statement on the subject, Xiaomi said that they will follow their targets despite the declines in question. At this point, the Chinese giant has turned its focus to the developing electric vehicle market.
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