Xiaomi recently released its Q1 2023 financial report, revealing some impressive numbers and highlighting the company’s expansion into the electric vehicle (EV) industry. During the first quarter, Xiaomi had a staggering 594.8 million monthly active users, surpassing the 600 million milestone shortly after.
In terms of smartphones, Xiaomi generated CNY 35 billion (approximately $5 billion) in revenue by shipping 30.4 million devices. The average selling price (ASP) rose by 2.7% to CNY 1,152 ($163) compared to the previous quarter.
While Xiaomi secured the third position in terms of market share with 11.3%, Apple and Samsung outperformed the competition by shipping nearly double the number of phones each during Q1 2023.
In its home market, Xiaomi experienced a 22.2% increase in units sold, but it was surpassed by vivo, resulting in Xiaomi claiming the fourth spot. Apple and Oppo ranked first and second, respectively.
Xiaomi’s total revenue for the quarter reached CNY 59.5 billion ($8.43 billion), with an adjusted net profit of CNY 3.2 billion ($450 million). However, considering expenses related to the smart EV business, the net profit dropped to CNY 1.1 billion ($150 million).
As a company invested in AIoT (Artificial Intelligence of Things), Xiaomi saw a rise in the number of connected devices, reaching 618 million. Notably, 12.3 million users had five or more connected devices. Revenue from smart home appliances, including refrigerators, air conditioners, and washing machines, witnessed a remarkable 60% year-on-year increase. Additionally, Xiaomi shipped 2.8 million smart TVs, positioning the company among the top five brands in the Smart TV market.
Xiaomi also revealed its commitment to environmental sustainability by setting ambitious targets to reduce greenhouse gas emissions. The company aims to achieve a 70% reduction by 2030 and an impressive 98% reduction by 2040, outlining a clear path towards achieving net-zero emissions.
Overall, Xiaomi’s Q1 2023 financial report showcases its strong presence in the smartphone market, its ambitious plans for the EV industry, and its commitment to environmental responsibility.
