Xiaomi’s latest financial report, which is related to the third quarter of 2022, shows that the company’s income has dropped significantly. Xiaomi’s revenue in the quarter of July to September 2022 (mid-July to mid-October 1401) reached 70.5 billion yuan (a little more than 10 billion dollars). 50.5% of this income was the result of selling Xiaomi products in markets outside of China.
According to GSMArenaXiaomi’s revenue in the third quarter of 2022 fell by 10% compared to the same period in 2021. Xiaomi’s net profit fell 59 percent year-on-year to 2.1 billion yuan ($294 million). Xiaomi invested 829 million yuan ($116 million) in its electric car business and other projects in the third quarter, which weighed on the company’s net profit.
Xiaomi says it has increased investment in research and development by 25%, and 48% of its employees work in this important sector. This shows that Xiaomi has big plans for the future.
Xiaomi says that the number of users of MIUI (the user interface of the company’s phones) has reached 564 million, which represents the growth of 78.1 million people (16 percent) compared to the third quarter of 2021. Only 141 million people (about 25 percent) of these users live in China.
Xiaomi was able to launch over 40.5 million smartphones in the third quarter of 2022. Xiaomi’s smartphone shipments fell 7.8% compared to 2021, but kept the company in third place among the top brands in the mobile industry.
Xiaomi says its revenue from phone sales fell 11.1 percent in the third quarter of this year. This company considers the problems of the global economy as one of the reasons for the decline in the sales of its phones.
In terms of the number of phones released, Xiaomi ranked second in the European, Italian, and French markets and ranked first in the Spanish market. This company ranks third in Latin America and Africa.
Xiaomi says it sells 19.9% of phones in the European market through official retail stores of mobile operators, which represents a growth of 1.7% compared to 2021. Most European users still prefer to buy Xiaomi phones through different stores. Such conditions are also seen in Latin America. Xiaomi does not have an official presence in the large US market.