As the market crisis persists, Xiaomi phone shipments decreased by 15.8% in Q2 of 23

Ups and downs are a part of business. In this short piece, we will discuss Xiaomi’s quarterly earnings. Reportedly, Xiaomi has shared its financial report for Q2 2023. Honestly, the numbers are not good. Let’s discuss the overall numbers reported by the company. The overall revenue of the company decreased by 4%. It was primarily impacted by lower smartphone sales. Reportedly, the company sold more devices in the last quarter as compared to the current one. In Q2 2023, the company recorded 15.8% less sales than in Q2 2022.

The corporation cited the disappointing outcome as a result of persistently weakening market demand on a global scale. Xiaomi shipped 32.9 million phones in the three-month span (down from 39.1 million the year prior). The company generated CNY 36.5 billion (just over $5 billion) in total sales. The calculations and numbers reveal that the average sale price of a Xiaomi smartphone went up from CNY 1,081.70 ($148.80) to CNY 1,112.20 ($154.37). It is a minimal increase that can be attributed to increased ASP in China.

Besides these poor numbers, the company has some other reasons to relax. Xiaomi maintained its third-place manufacturer ranking internationally and remained second in two important geographic areas, namely Europe and the Middle East. The company was ranked in the top 3 given the smartphone shipments from April to June. It was listed in the top 5 in ten other markets in the smartphone shipments sector for the same period. On the other hand, the active users of the company have reached 606 million. It is a 10.8% increase on a yearly basis and a new record for the company as well.