Xiaomi Reported A Net Profit of 3.233 Billion Yuan in The Adjusted First Quarter of 2023, Marking A Year-on-year Growth of 13.1%; The Shipment Volume of Their Smartphones Witnessed A Decline of 13.3% Compared to The Same Period Last Year

May 26, 2023
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On May 25th, Gizcoupon reported that Xiaomi released its financial report for the first quarter of 2023. The report reveals that the company’s total revenue for the first quarter reached 59.5 billion yuan (approximately $8.414 billion), showing a decline of 18.9% compared to the same period in 2022. Adjusted net profit amounted to 3.233 billion yuan (about $457 million), marking a growth of 13.1% compared to the same period last year. This figure includes expenses for innovative businesses such as smart electric vehicles, which amounted to 1.1 billion yuan (approximately $156 million). In the first quarter of 2023, Xiaomi Group achieved an overall gross margin of 19.5%, reaching a historical high.

Xiaomi smartphone shipments

According to the financial report, Xiaomi smartphone global shipments in the first quarter of 2023 reached 30.4 million units, representing a year-on-year decline of 13.3%. This is the lowest Q1 shipment volume since 2014. During this quarter, Xiaomi smartphone business generated a revenue of 35 billion yuan (approximately $4.949 billion). Based on Canalys data, Xiaomi maintained its position as the third-largest global smartphone vendor in terms of shipment volume, with a market share of 11.3%.

The financial report indicates that Xiaomi IoT and consumer product revenue for the first quarter amounted to 16.8 billion yuan (approximately $2.376 billion), showing a year-on-year decline of 13.6%. The gross margin for this business segment was 15.7%.

Furthermore, the financial report shows that Xiaomi internet services revenue for the first quarter reached 7 billion yuan (approximately $990 million), experiencing a decline of 1.2% compared to the same period last year. The gross margin for this business segment reached 72.3%. Among the internet services revenue, advertising accounted for 4.4 billion yuan, compared to 4.5 billion yuan (approximately $622 million) in the same period last year. Additionally, gaming business revenue reached 1.3 billion yuan (about $184 million), indicating a year-on-year growth of 16.3%.

Active users of MIUI

The financial report also reveals that Global monthly active users of Xiaomi MIUI (MAU) reached 595 million, showing a year-on-year growth of 12.4%. Among them, mainland China MIUI MAU reached 146 million, representing a year-on-year growth of 7.8%. As of March 31, 2023, the AIoT platform had connected 618 million IoT devices (excluding smartphones, tablets, and laptops), indicating a year-on-year growth of 29.2%. In March 2023, the monthly active users of the Mijia App reached 78.1 million, showing a year-on-year growth of 18.8%.

The financial report states that Xiaomi research and development expenses for the first quarter of 2023 amounted to 4.1 billion yuan (approximately $580 million), representing a year-on-year growth of 17.7%. It is projected that the company’s total R&D investment for the whole year will exceed 20 billion yuan (approximately $2.828 billion).

Xiaomi

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