Xiaomi is not going through its best moment . The Asian brand is currently far from the exuberant growth in sales that it experienced during 2019 and 2020. However, it seems that this is a common denominator among Android mobile manufacturers and not just something that those in Beijing are experiencing.
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A few months ago, the statistics for the third quarter of 2022 (Q3) of the global market were revealed, showing that, although mobile sales were falling, Apple continued to grow. This information provided by Counterpoint Research highlights that Xiaomi (like Samsung, Oppo and Vivo) suffered a drop in sales in the quarter, and this has just been confirmed by the brand itself.
Bad time for Xiaomi: its benefits fall by 59% (Q3 2022)
Through the Q3 results report presented by the brand, Xiaomi has revealed that its Revenue continues to decline. Let us remember that, both in the first quarter of the year and in the second, the manufacturer experienced losses in its turnover (Q1: -4.6% and Q2: -20.1%). And everything seems to indicate that this situation will continue like this until next year.
Between the month of July and September 2022, Xiaomi’s revenue was 70.474 billion yuan. In Q3 2021, the brand reported revenue of 78.062 billion yuan. This represents a year-on-year drop of 9.7% , as can be seen in the image that we left here above. Below is a summary of the most important statistical results provided by the report:
- Net income fell by 9.7% .
- Brand profits decreased by 18% .
- Adjusted net profit fell 59.1% .
- Operating losses before taxes were 1,361 million yuan, about 183 million euros at the exchange rate.
- Operating losses after taxes were 1,474 million yuan, about 199 million euros at the exchange rate.
Finally, it is important to mention that Xiaomi’s revenues have dropped by 15 billion yuan so far this year. This equates to losses of more than 2 billion euros throughout 2022.
What does Xiaomi say about it? Well, these negative results are related to the ups and downs that the world economy has suffered throughout the year. And you… Do you think the Chinese brand will be able to recover in 2023?
The post Q3 2022: Xiaomi's revenues continue to fall and lose €2 billion first appeared on CuteRank.
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