Xiaomi records record drop in revenue and profit at the end of 2022

China's Xiaomi cannot boast of revenue growth, despite the fact that it has started to raise the price of smartphones in various categories. Moreover, the Q4 2022 revenue drop was a record for the Beijing-based manufacturer. The same is true for profits.

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Xiaomi generated revenue of $9.6 billion in the final quarter of 2022, down 22.8%, or $2.8 billion in cash terms, compared to the identical period in 2021. This is the biggest drop in the history of the Chinese company, although analysts predicted an even bigger failure.

Net profit has more than halved. While Xiaomi made $650.3 million from October to December 2021, profit fell 67.3% to just $212.3 million in the reporting period.

The entire year 2022 was less of a failure, but the success came from the first three quarters. For the year as a whole, Xiaomi posted revenues of $40.7 billion and $1.2 billion in net profit. Compared to the base period, the figures were down 14.7% and more than 50% respectively.

Source: Reuters