Xiaomi posts 9.7% revenue fall as phone shipments decline in Q3

Chinese phone vendor Xiaomi generated RMB 70.47 billion ($9.87 billion) in the third quarter of 2022, a 9.7% yearly decline. However, the quarterly earnings beat Bloomberg’s estimation and were less severe than the 20.1% yearly drop in the second quarter of this year. Xiaomi surprisingly saw a net loss of RMB 1.47 billion, while its adjusted net profit was RMB 2.12 billion, a 59.1% yearly decrease. Revenue from Xiaomi’s smartphone segment, which accounts for 60.3% of the firm’s total revenue, decreased 11.1% yearly to RMB 42.5 billion in the reported quarter, as its phone shipments fell 8.4% year on year to 40.2 million units. Its “IoT and lifestyle products” business also saw a 9% yearly drop in revenue in the third quarter of 2022. But the firm kept marching with a combined strategy of “Smartphone × AIoT” and posted a 39.5% yearly increase in connected IoT devices, reaching 558.3 million as of Sept. 30, 2022. Xiaomi is the third largest phone maker globally, taking 14% of the market by shipments in the third quarter of 2022, according to Canalys. [Xiaomi]


Source: https://technode.com/2022/11/24/xiaomi-posts-9-7-revenue-fall-as-phone-shipments-decline-in-q3/