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Xiaomi phone shipments fell 15.8% in Q2 ’23 as market slump continues

Xiaomi phone shipments fell 15.8% in Q2 ’23 as market slump continues

Xiaomi posted its quarterly financial report, and the numbers did not look good for the Q2 period of 2023. The overall revenue declined by 4%, with the smartphone business playing a major part in the lower number. Between April and June 2023, Xiaomi sold 15.8% fewer devices, compared to last year’s period.

Smartphone performance Q2 2023 Q2 2022 Change
Revenue CNY 36.5 billion/

USD 5 billion
CNY 42.2 billion/

USD 5.78 billion
– 13.27%
Profit CNY 4.8 billion/

USD 658 million
CNY 3.6 billion/

USD 493 million
Shipped units 32.9 million 39.1 million – 15.8%

The company quoted a continued weakened market demand globally for the bleak result. During the three-month period, Xiaomi shipped 32.9 million phones (compared with 39.1 million the previous year), with a total revenue of CNY 36.5 billion (slightly over $5 billion).

Calculations showed the average sale price of a Xiaomi smartphone slightly increased from CNY 1,081.70 ($148.80) to CNY 1,112.20 ($154.37), primarily due to increased ASP in China.

Xiaomi phone shipments fell 15.8% in Q2 '23 due to weak demand

Xiaomi still has some reasons to cheer – it kept its third place globally as a manufacturer and remained 2nd in two major regions – Europe and the Middle East. Between April and June, smartphone shipments ranked in the Top 3 across 51 countries and remained in the Top 5 in 10 more markets.

Monthly active users reached 606 million, a 10.8% yearly increase, which was also a new record for the company.

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