22.8% decline in Xiaomi’s revenue in the last quarter of 2022

Things are not looking good for the Chinese tech giant. Xiaomi company hours ago Sharp decline in revenue in the last quarter of 2022 informed. Xiaomi believes that the sharp drop in revenue is the result of declining smartphone sales. In other words, considering that the technology industry has a very competitive market, the decrease in phone sales is not good news for Xiaomi at all.

In recent years, the outbreak of COVID-19 caused some serious disruptions in China, which resulted in irreparable losses for Xiaomi. According to a Reuters report, Xiaomi’s sales revenue reached 66.05 billion yuan ($9.6 billion) in the final quarter of 2022. This means that the company’s sales have decreased by 22.8% compared to the previous year, which was 85.58 billion yuan.

Sales figures in the last quarter of 2022 were better than analysts expected. But this is the fourth consecutive quarter that Xiaomi’s revenue has experienced a drop in revenue. It is the first time that the company faces a 22.8% decline in revenue in one quarter. The darker part of the story is that in the last year, the company’s net income decreased to 1.46 billion yuan ($212.58 million); This means 67.3 percent of 4.473 billion yuan in 2021.

Is a dark future waiting for Xiaomi?

Looking at Xiaomi’s recent woes, it’s only natural to ask: Is there a dark future ahead for the Chinese tech giant? The company has certainly faced challenges in recent months. For the first time in the fourth quarter of 2022, Xiaomi lost its top position in smartphone shipments in India, a very important market for the company. Additionally, the number of Xiaomi smartphones shipped to India decreased by 24% compared to the same period last year.

Unfortunately, this company fell in the fourth quarter and after Samsung and the Chinese rival Vivo, it took the third place in sales in the Indian market. We’ll just have to wait and see if Xiaomi can turn things around. But according to the current situation, this Chinese company will face many challenges in the future.

Xiaomi Group Chairman Lu Weibing also said in the same context: Although the overall situation of China’s consumer electronics market seems to be improving, the company needs time to achieve significant sales or profits. He added: It is likely that the annual drop in income will continue in the first half of 2023.