Xiaomi’s third-quarter financial report reveals a 10% drop in revenue.

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Xiaomi has released its quarterly financial analysis and the numbers show a significant decline. Revenue for July-September 2022 was CNY70.5 billion, just under $10 billion. Of these, 50.5% came from foreign markets.

Turnover is 10% lower than last year. Net income fell even more – 59% year over year to CNY 2.1 billion ($294 million). However, this was partly due to the investment of CNY 829 million (US$116 million) in the newly established electric vehicle business and other projects that are expected to bear fruit in the future.

The company also revealed that R&D investments are up 25% from a year ago, and 48% of its staff work in R&D departments.

Financial results of Xiaomi Q3 2022

Financial results of Xiaomi Q3 2022


Financial results of Xiaomi Q3 2022

Xiaomi users in the MIUI universe have reached 564 million, 78.1 million more than the same period last year, with an annual increase of 16%. Interestingly, only 141 million of them (about 25%) are in China.

The company pushed 40.5 million smartphones in the third quarter of 2022, and while maintaining its third position in the world, shipments were down 7.8% on the year, with revenue down 11.1%.


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