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

Yordan, 30 August 2023

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	33%
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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