Xiaomi’s phone sales declined significantly amid poor demand

• Xiaomi’s overall revenue for Q2 2023 decreased by 4%.
• The decline was largely due to a 15.8% drop in smartphone sales.
• Xiaomi also maintained its second-place position in Europe and the Middle East.

Xiaomi‘s financial report for Q2 2023 reveals a noticeable drop in overall revenue, down by 4% during this period.

The decline was largely influenced by the smartphone business’s performance. Notably, from April to June 2023, Xiaomi saw a significant 15.8% drop in device sales compared to the same period the previous year.

The company blamed this unsatisfactory result on a continuous worldwide decrease in market demand. Across three months, Xiaomi shipped 32.9 million smartphones, a significant drop from the 39.1 million units shipped in the same period the prior year. This led to a combined revenue of CNY 36.5 billion, equivalent to slightly over $5 billion.

After performing calculations, it became clear that the average selling price of a Xiaomi smartphone saw a slight increase, moving from CNY 1,081.70 ($148.80) to CNY 1,112.20 ($154.37). This rise is largely due to the higher average selling price in China.

The good news

Despite these difficulties, Xiaomi remains optimistic for several reasons. The company has retained its position as the third-largest manufacturer globally, maintaining its previous rank. Furthermore, Xiaomi continues to hold the second-place position in two crucial regions: Europe and the Middle East.

From April to June, Xiaomi‘s smartphone shipments secured spots within the top three in 51 countries and maintained places in the top five in 10 more markets.

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Remarkably, the company’s monthly active user count soared to 606 million, marking a significant 10.8% year-on-year growth. This impressive rise also sets a new record for Xiaomi.

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