Recently, the technology giant Xiaomi’s first quarter report was published. According to the report, the Chinese company was seriously affected by the current economic conditions in its country, and obtained a not very heartwarming income statement. The company announced in its statements that they will follow their targets despite the decreases in question. Here are the details
Xiaomi faces revenue drops in all its units!
The Chinese economy, which tends to stagnate in the current period, has directly affected the technology world in particular. With the decrease in demand for technological products, Chinese technology manufacturers faced a negative income statement. Xiaomi, which is among these companies, was affected by the current conditions and experienced a 19 percent loss of income.
Xiaomi’s sales of $8.44 billion in the first quarter of 2023 were at the level of $10.4 billion in the same period last year. Delivering a total of 30.4 million smartphone shipments in the first quarter of the year, the giant technology company managed to increase its profits from its sales despite the decline in sales rates. So much so that the net profit of the company, which was announced in the first quarter of last year, of $ 405.8 million, reached the level of $ 458.4 million with an increase of approximately 13 percent.
As it is known, Xiaomi has directed its attention to the automotive industry. Working on a car model that will go into mass production in 2024, the company tends to shift its revenue model in this direction. The technology company, whose name we will refer to mostly with automobile models in the future, has already started to make serious investments in this field.
So, what do you guys think about this issue? Do you think the Chinese technology giant will be able to bring its smartphone sales to their previous levels until it puts its new car on sale? You can share your views with us in the comments section.
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