Xiaomi's revenue fell 19% in early 2023 - smartphone revenue fell 24% and sales outside of China dropped 28%

China's Xiaomi has not had the best start to 2023. All figures are down compared to the first quarter of 2022 amid falling demand for electronics around the world.

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Xiaomi's revenue was down 19% year-on-year in the reporting period. The company generated $8.424 billion, $0.1 billion higher than expectations. Revenues from smartphone sales fell by 24%. Sales outside of China plummeted by 28%. Net profit was $596 million.

Despite this, Xiaomi is continuing its transformation programme, which is the latest big project of Lei Jun, the company's CEO. The manufacturer plans to enter the electric car market.

The Chinese company will soon begin a new series of prototype vehicle tests. Sales of electric cars will start next year. To offset the investment, Xiaomi is cutting marketing costs.

Source: Bloomberg