Home ยป Xiaomi Reports Slight Decrease in Total Revenue, Electric Vehicle Business to Begin Production Next Year

Xiaomi Reports Slight Decrease in Total Revenue, Electric Vehicle Business to Begin Production Next Year

Xiaomi has released its second quarter financial results for 2023, ending in June. The company’s total revenue has decreased by 4% compared to the same quarter in the previous year, amounting to 67,354.9 million yuan. However, it has increased by 13.2% compared to the first quarter of 2023. The net profit, according to Non-IFRS accounting, is 3,665.5 million yuan.

The revenue from the smartphone business is 36,595.46 million yuan, with 32.9 million units delivered. The initial profit margin of 13.3% is the highest in the company’s history, reflecting its ability to control production costs. As for the AIoT business group, the revenue is 22,253.87 million yuan, with an increase in connected devices to 654.5 million units. The number of users on the Mi Home app has also increased to 82.9 million accounts, with an initial profit margin of 17.6%, which is also a record high.

Large appliances have achieved record-breaking deliveries within a single quarter. The number of air conditioners sold is 2.3 million units, refrigerators over 500,000 units, and washing machines over 300,000 units.

Lu Weibing, the Chairman of Xiaomi, provided insights during the financial results presentation, stating that despite the challenging global situation, the company continues to expand its market presence in all regions. As for the electric vehicle business, they are ahead of schedule and will begin production in the first half of 2024.

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