The Chinese company Xiaomi did not have the best start to 2023. All indicators decreased compared to the first quarter of 2022 amid falling demand for electronics around the world.
What is known
In the reporting period, Xiaomi’s revenue decreased by 19% year-on-year. The company received $8.424 billion, which is $0.1 billion higher than expected. Revenue from the sale of smartphones fell by 24%. Sales outside of China plummeted by 28%. Net profit amounted to $596 million.
Despite this, Xiaomi continues the transformation program, which is the latest major project of Lei Jun, the company’s CEO. The manufacturer plans to enter the electric vehicle market.
In the near future, the Chinese company will begin a new series of tests of the prototype vehicle. Sales of electric vehicles will begin next year. To offset the investment, Xiaomi is cutting marketing costs.
Source: Bloomberg
2023-05-25 11:31:39
#Xiaomi #revenue #fell #early #smartphone #revenue #fell #sales #China #plummeted
