Xiaomi has released its financial report for the second quarter of 2023, and the figures presented were not the best. During this period, there was a notable decline in overall revenue, amounting to a 4% decrease.
This reduction was significantly impacted by the performance of the smartphone business. Notably, between April and June 2023, Xiaomi experienced a considerable 15.8% decrease in device sales in comparison to the same period in the previous year.
The company attributed this disappointing outcome to a sustained global downturn in market demand. Over the span of three months, Xiaomi managed to ship 32.9 million smartphones, a notable decrease from the 39.1 million units shipped during the corresponding period the previous year. This resulted in a cumulative revenue of CNY 36.5 billion, which translates to slightly over $5 billion.
Upon conducting calculations, it was evident that the average selling price of a Xiaomi smartphone witnessed a slight rise, transitioning from CNY 1,081.70 ($148.80) to CNY 1,112.20 ($154.37). This increase can be predominantly attributed to the higher average selling price observed within China.
The Good News
Despite these challenges, Xiaomi still has several reasons for optimism. It managed to maintain its global standing as the third-largest manufacturer, maintaining the same position as before. Additionally, the company sustained its second-place ranking in two key regions—Europe and the Middle East.
Throughout the period spanning April to June, smartphone shipments from Xiaomi held positions within the top three in 51 different countries and maintained positions within the top five in 10 additional markets.
Impressively, the company’s count of monthly active users surged to 606 million, representing a substantial 10.8% year-on-year growth. This noteworthy increase also marked a new record for Xiaomi.
Issue is also availability of good and high end phones and options. Even their official store is out of stock for all their key variants and looks like a thaila stock variety