Xiaomi’s first-quarter report was released recently. According to the report, the Chinese company has achieved a rather unimpressive revenue table due to the current economic conditions in the country. The company stated that it will follow its targets despite these declines. Here are the details:
Xiaomi faces 19% revenue loss!
Xiaomi faced a revenue decline in all its units! The Chinese economy, which is showing a slowdown trend in the current period, has directly affected the technology world. With the decrease in demand for technological products, Chinese technology manufacturers faced a negative revenue table. Among these companies, Xiaomi experienced a 19% revenue loss due to the current conditions.
In the first quarter of 2023, Xiaomi’s sales were $8.44 billion, compared to $10.4 billion in the same period last year. The giant technology company that made a total of 30.4 million smartphone shipments in the first quarter managed to increase its profit margins from its sales despite the decline in sales rates. So much so that the net profit of $405.8 million announced by the company in the first quarter of last year reached $458.4 million with an increase of approximately 13%.
As you know, Xiaomi has turned its attention to the automotive sector. The company that is working on a car model that will go into mass production in 2024 is inclined to shift its revenue model towards this direction. The technology company that we will mostly know with car models in the future has already started making serious investments in this field.
What do you think about this? Do you think that the Chinese tech giant can bring smartphone sales back to their old levels until they release their new car model? You can share your opinions with us from the comments section.
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