Xiaomi reports solid revenue, profit in 2022 Q3

Xiaomi Corporation has announced its unaudited consolidated results for three months, which ended September 30, 2022 (3rd Quarter of 2022), posting revenue of RMB 70.5 billion and a net profit of RMB 2.1 billion.

Xiaomi reported that it was able to maintain its smartphone market share worldwide, despite the “weakening demand” for smartphones globally.

According to Canalys, Xiaomi maintained its No. 3 global smartphone shipment ranking with a 13.6% market share.

The report also stated that Xiaomi’s smartphone shipments increased by 2.8% to 40.2 million units in the third quarter of 2022, which was a quarter-over-quarter increase for the second consecutive quarter.

In particular, Xiaomi emphasized the market recognition it gained through the technological innovations it produced with its premium products, specifically its flagship Xiaomi 12S Ultra and its foldable, Xiaomi MIX Fold 2.

The Chinese company also highlighted its success in its smart living, home appliance, and lifestyle products with a record high 70% growth. This includes their smart air conditioners, smart TVs, and refrigerator shipments.

Xiaomi said that even with “external headwinds,” Xiaomi continues to enjoy a “solid” global business through its resilient business model. This is emphasized by its three guiding principles of “never cease to explore and innovate, continue to offer products with strong price-to-performance ratio, and seek to make the coolest products.”