Today, Xiaomi Group released its Q2 quarterly financial report. Xiaomi’s revenue in the second quarter was 70.17 billion yuan ($10.30 billion), a year-on-year decrease of 20.1%. As a reminder, the estimated revenue was 69.86 billion yuan ($10.25 billion).
Also, the company’s net profit in the second quarter was 1.39 billion yuan ($0.20 billion), down 67% year-on-year, and was estimated at 1.99 billion yuan ($0.29 billion).
In the first half of the year, Xiaomi Group’s revenue was 143.5 billion yuan ($21.05 billion), a year-on-year decrease of 13%, and its net profit was 798.8 million yuan ($117.20 billion), a year-on-year decrease of 95%.
Revenue from the smartphone segment decreased by 28.5%, from 59.1 billion yuan ($8.67 billion) in the second quarter of 2021 to 42.3 billion yuan ($6.21 billion) in the second quarter of 2022, mainly due to the decrease in smartphone shipments.
By the way, smartphone shipments decreased by 26.2%, from 52.9 million units in the second quarter of 2021 to 39.1 million units in the second quarter of 2022.
According to Canalys, Xiaomi ranked third in global smartphone shipments this quarter, with a market share of 13.8%, up 1.2 percentage points from the previous quarter.
Xiaomi said that despite the impact of the global macroeconomic environment, it continued to strengthen its global presence. So more people began recognizing it. In the second quarter of 2022, Xiaomi’s overseas market revenue was 34 billion yuan ($4.99 billion), accounting for 48.4% of the total revenue.
Canalys data also shows that in the second quarter of 2022, Xiaomi ranked the top three in smartphone shipments in 55 countries and regions and the top five in 67 countries and regions worldwide.
Xiaomi’s achievements in other fields
In August 2022, Xiaomi appeared on the Fortune Global 500 list for the fourth consecutive year, ranking 266th, up 72 places from last year.
Also, Xiaomi is paying more and more attention to its smart electric cars business. In the past quarter, the company spent over 611 million yuan ($89.65 million). This includes expenses for hiring a 500-member elite R&D team to work in the field of autonomous driving.
In this regard, the company plans to invest 3.3 billion yuan ($0.48 billion) in the first phase of research and development in the field of autonomous driving and continues to promote technological breakthroughs.