Xiaomi is selling more and more smartphones, but sales are falling: the data from Q3 2022

xiaomi presents today i financial results of the last quarter (July-September) and the first 9 months of the year, reporting in Q3 a Revenue down 9.7% from $10.9 billion to $9.8 billion. The decline is mainly due to two aspects: on the one hand, the widening economic crisis, which is also affecting the smartphone sector (HERE the latest data), on the other hand, the ongoing lockdowns in China to counteract the slowing spread of the Omicron variant production and shut down sales. More than half of the turnover (50.5%) comes from abroad.

The company reaffirms its commitment to strategy Smartphones for AIoTwere between July and September 40.2 smartphones shipped worldwide with a growth of 2.8% on a quarterly basis: Xiaomi emerges as the third manufacturer with a 13% share behind Samsung (first) and Apple (second). MIUI monthly active users were 563.9 million in September, 78.1 million more than the same period last year. The Chinese launch of Xiaomi 12S Ultra and MIX Fold 2 had a positive impact on the results obtained.

  • Revenue: $5.9 billion, up 0.6% sequentially, -11.1% YoY
  • 40.2 million smartphones shipped, +2.8% quarterly, -8.4% YoY
  • Strengthening presence in foreign markets, including Europe
  • Xiaomi second brand in Europe by market share: 23%
  • Xiaomi second brand in Italy

However, the good evolution of smartphone shipments has not prevented the company from reporting a 11.1 percentage points decline in sales. The economic crisis and ongoing promotions had a negative impact on the average selling price (ASP, -3%) and thus also on quarterly sales.

  • Research and development costs: $572 million, up 25.7% year-on-year
  • connected devices (excluding smartphones, tablets, laptops): 558.3 ​​million, +39.5% yoy
  • IoT Revenue: $2.65 billion, -3.8% QoQ, -9% Q3 2021
  • Smart TV Shows: 3.3 million, +9.3% YoY
  • Smart TV and Laptop Revenue: -18.5% yoy (main reason: decline in ASP)
  • Device turnover: +70% year after year
  • Revenue from internet services: +1.4% on a quarterly basis, +17.2% on the international market, -3.7% on an annual basis

Above: Xiaomi 12T Pro | review

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