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Xiaomi recorded a record drop in revenue and profit at the end of 2022

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Xiaomi recorded a record drop in revenue and profit at the end of 2022

The Chinese company Xiaomi can not boast of revenue growth, despite the fact that it began to increase the cost of smartphones in various categories. Moreover, according to the results of the 4th quarter of 2022, the drop in revenue was a record for a manufacturer from Beijing. The same applies to profits.

What is known

In the last quarter of 2022, Xiaomi received $9.6 billion in revenue. Compared to the same period in 2021, the figure fell by 22.8% or $2.8 billion in monetary terms. This is the biggest drop in the history of the Chinese company, although analysts predicted an even bigger failure.

Net profit has more than halved. If from October to December 2021, Xiaomi received $650.3 million, then in the reporting period, profit fell by 67.3% and amounted to only $212.3 million.

The whole of 2022 turned out to be less of a failure, but success was ensured by the first three quarters. In just one year, Xiaomi generated $40.7 billion in revenue and $1.2 billion in net profit. Compared to the base period, the indicators decreased by 14.7% and more than 50%, respectively.

Source: Reuters





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