Xiaomi has grown into one of the world’s largest tech companies over the past 10 years. The company, which grows at an incredible rate yearly, has won consumers appreciation with its price-performance-oriented products. However, this situation has unfortunately turned a bit negative recently. Xiaomi posted its quarterly financial analysis, and the numbers show a significant decline in revenue for the July-September 2022 period.
Xiaomi’s Q3 financial report reveals a 10% drop in revenues
Xiaomi has announced its 2022 Q3 revenue. Total revenue for the July-September 2022 period was declared to be 70.5 billion CNY (almost $10 billion). More than 50% of this came from overseas markets. The revenue is 10% lower compared to last year. Net profit dropped even more – 59% year-on-year to CNY 2.1 billion ($294 million). However, this is not due to the company’s bad course.
That was partially due to the CNY 829 million ($116 million) investment in the newly set up EV business and other projects that should bear fruit in the future. Based on this, we can say that the company continues to take firm steps towards the future. Third-quarter reports revealed not only the company’s revenues, but also the number of users.
Xiaomi Q3 revenue reports reveal the number of of MIUI users
Xiaomi users in the MIUI universe reached 564 million, 78.1 million more than the same period last year – a 16% yearly increase. Interestingly, only 141 million of them (about 25%) are in China. The company pushed 40.5 million smartphones in Q3 2022, and while it kept its 3rd position in the world.
Shipments also were down 7.8% yearly, with an 11.1% decrease in revenue. Xiaomi quoted “global macroeconomic headwinds” as one of the reasons, although it also enhanced promotional efforts in overseas markets. Moreover, the company’s success in Europe is increasing day by day. Xiaomi reached 2nd place in the European market, 1st place in Spain, and 2nd in Italy and France.