On August 29, Xiaomi Group released its latest financial report for the Xiaomi Q2 2023. The data indicates that Xiaomi’s revenue in the second quarter experienced a year-on-year decrease of 4%, amounting to 67.35 billion yuan. However, the net profit exhibited a remarkable year-on-year increase of 168.5%, reaching 3.67 billion yuan. Moreover, the non-IFRS adjusted net profit surged by 147%, standing at 5.14 billion yuan.
Xiaomi Q2 2023 reported that global smartphone shipments totaled 32.9 million units. Despite this, mobile phone revenue witnessed a year-on-year decline of 13.4%, amounting to 36.6 billion yuan. This decrease primarily resulted from the decline in smartphone shipments, albeit partly offset by the rise in the average selling price of smartphones.
Xiaomi’s average selling price (ASP) reached 1,112 yuan this quarter, increasing by 2.8% year-on-year. High-end mobile phones drove ASP in mainland China to increase by over 24% year-on-year.
Addressing the matter of Xiaomi’s 4.8 billion yuan funds in India, which has drawn external attention, Lu Weibing, president of Xiaomi Group, responded during a performance call on the 29th. He clarified that the Indian government had frozen the funds, not confiscated them. He reassured that they are resolving the issue through legal channels.
Lu Weibing emphasized that Xiaomi’s operations in India have always adhered to legality and compliance. The company is actively engaged in dialogue with local government authorities. Despite the protracted process, Xiaomi maintains its confidence in the fairness and independence of the Indian judiciary.
Furthermore, Xiaomi’s financial report reveals that overseas Internet service revenue for the second quarter of 2023 surged by 19.7% compared to the previous year, reaching a record high of 2 billion yuan. This revenue accounted for 26.8% of the overall Internet service revenue, marking a year-on-year increase of 2.9 percentage points.
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